May 4, 2011

Pivka reports jump in sales revenue

Poultry producer Pivka Perutninarstvo generated EUR219,788 (US$325,000) in net profit in 2010; the group reported an increase in sales revenue by 4%, compared to EUR42.15 million (US$62.34 million) in 2009.

Last year's profit was affected by high costs of electricity, heating fuel, cereals and other raw materials, according to Pivka.

Profits were also hit by a price reduction of its products undertaken to respond to a fall in purchasing power of consumers.

The crisis also affected Pivka's fish-processing subsidiary Delamaris, although the company managed to generate EUR427,847 (US$633,000) in net profit in 2010 despite lower sales revenues.

The main reason for Delamaris's troubles was the financial problems of its business partners in Croatia, according to Pivka.