Company brief

  • 2006-12-06
Kalev, Estonia's top confectionery, last week reported a large quarterly loss - 13.7 million kroons (875,000 euros) - due to restructuring. "The aim of the changes is to concentrate the management of the various fields of activity, in order to improve efficiency and speed of activities," CFO Tarmo Maasikamae said. "We've managed to cut the loss arising from adverse global economic environment by half," he added. He said that even though the result for the first quarter did turn out negative, the company expects improvement to continue. Sales declined by one-sixth to 191 million kroons in the three-month period ending Sept. 30.