| Meatco’s financial results improve |
|
|
| Written by Staff Reporters | |
|
Beef processing and marketing company Meatco saw better results than anticipated in the 2007/8 financial year, Chairman Arne Gressmann said this week.
Gressmann said in a statement accompanying the 2007/8 annual report
that profit increased to N$37 million from N$10 million dollars the
previous year.
The excellent performance was due to the exchange rate that weakened towards the end of the financial year, improved prices realised and exceptionally high exports to Norway during January this year. For the year ended 31 January 2008, profit before tax increased to N$53 million from N$12 million dollars in the previous financial year. Revenues of the company increased to N$1.25 billion from N$1.16 billion the previous year. Meatco said, due to low production volumes, the company utilised 61.17% of its 13 000 ton quota allocated to Namibia as part of the Asian, Caribbean and Pacific agreement with the European Union. In the 2006/7 financial year, Meatco utilised 72% of the export quota. The United Kingdom remained the biggest market for Meatco in Europe, the company said. Gressmann said the initialisation of the Interim Economic Partnership Agreement with the European Union was a tremendous relief for the beef industry. “The scenario could have been very different had access to the European market been severed by the end of 2007,” said Gressmann. |
| < Prev | Next > |
|---|