Premia Foods 3rd-Quarter Profit Shrinks on One-Time Costs

AS Premia Foods, the largest Baltic frozen-food producer, said third-quarter profit shrank 45 percent, burdened by relocation costs in Russia.

Net income fell to 1.6 million euros ($2.2 million) from 2.9 million euros a year earlier, the Tallinn-based company said in a regulatory statement today. Revenue rose 4 percent to 24.1 million euros.

The company had one-off expenses of 1.1 million euros in the first nine months of the year from relocation production and logistics operations in Russia, it said.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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