Premia Sweet on Profits

(Postimees/Scanpix)
2/19/2014 4:45 PM
Category: Economy

One of the nation's largest ice cream producers, Premia Foods, increased its profits eight-fold last year.

Premia Foods, which produces a variety of frozen foods but is mostly known for ice cream, said in a press release that its turnover increased to nearly 100 million euros in 2013, up 14 percent compared to the previous year.

Last year's profit was 800,000 euros, a huge increase compared to the 100,000 euros earned in 2012. Its profits could have been even higher, as Premia lost 700,000 euros due to unfavorable currency exchange shifts in the Russian ruble and Swedish krona.

The company, which is listed on the OMX Tallinn Stock Exchange, also recorded a 1.1 million euro loss in the last quarter of 2013 due to a decision by Swedish veterinary authorities, which cost the company three million euros. Premia said it has taken legal action and hopes to recoup those losses.


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