FirstFarms, a Danish company investing in agriculture and land in Eastern Europe, said that about 10% of its crops in Slovakia, where the group farms on 8,300 hectares, had been caught up in the floods that swept over central Europe in May.

However, the Copenhagen-listed farm operator said that the consequences of the inundation, which contrasted with the dry weather affecting much of western Europe, could not be assessed at present.

Arable operations in Slovakia, which forms the main part of the FirstFarms empire, contributed, at DKK25.6 million (US$4.23 million), one-third of group revenues last year.

FirstFarms also admitted a hit from lower milk prices at its Slovakian dairy operations, which achieved turnover of DKK29.4 million (US$4.86 million) last year, and which it is developing through a new livestock accommodation block.

However, the group stuck by a forecast of milk prices averaging DKK2.24 (US$0.37) over 2010, a 33% improvement on-year.

In the first quarter, the group said its pre-tax loss had narrowed to DKK4.1 million (US$677,870), from DKK 8.6 million (US$1.42 million) a year before, on turnover up 12.1% at DKK13.0 million (US$2.15 million).