Estonia's PRFoods Q3 net loss widens on higher finance costs
Estonia's PRFoods Q3 net loss widens on higher finance costs
Overview
Estonia seafood producer's Q3 revenue fell 14% yr/yr amid weak consumer demand
Net loss widened in Q3, driven by lower sales and higher finance costs
Sales in Estonia declined nearly 65% yr/yr; UK accounted for 87% of revenue
Outlook
Company says market uncertainty continues into the fourth quarter
PRFoods remains focused on efficiency, cost control and restructuring
Result Drivers
WEAK DEMAND - Company said weak consumer demand and retail sector uncertainty in Estonia and neighboring markets hurt sales volumes
HIGHER RAW MATERIAL COSTS - Gross profit declined due to lower production volumes and higher raw material prices
INCREASED FINANCE COSTS - Higher finance costs from restructured debt obligations amplified the net loss
Company press release: ID:nGNE4xLKJM
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Sales |
| EUR 3.20 mln |
|
Q3 Net Loss |
| EUR 900,000 |
|
Q3 Gross Margin |
| 13.80% |
|
Q3 EBIT |
| -EUR 500,000 |
|
Q3 Gross Profit |
| EUR 400,000 |
|
Q3 Pretax Profit |
| -EUR 2.40 mln |
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)