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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.

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