Tere Dairy group posts 4.5 MEUR profit

AS Tere, the dairy group belonging to Estonian businessman Oliver Kruuda, earned a net profit of 4.51 million euros last year compared with a loss of 2.44 million euros sustained in 2011. Sales in 2012 dropped to 80.3 million euros from 109.9 million euros in 2011.

Operating profit totalled 3.92 million euros in 2012, whereas the operating result for 2011 was a loss of 5.49 million euros. Net financial expenses declined to 2.35 million euros last year from 2.66 million euros the year before.

Tere’s pre-tax profit was 1.57 million euros last year and 8.15 million euros in 2011.

The average number of workers last year was 512 compared with an average workforce of 648 employed in 2011. As at the end of 2012 the number of workers was 464, compared with 598 at the same time a year earlier.

Labour costs totalled 8.17 million euros in 2012 and 9.63 million euros in 2011. Remuneration paid to members of the management board and the supervisory board totalled 128 000 euros in 2012 and 101 000 euros in 2011.

Source: BNS news in weekly Estonian Review

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