ECONOMY

Exports account for over 80 pct of Fage’s sales in first nine months

exports-account-for-over-80-pct-of-fage-s-sales-in-first-nine-months

Greek dairy producer Fage saw exports rise to 82.3 percent of total sales in the first nine months of the year from 76.5 percent in the same period last year, its financial results for January-September 2015 have shown.

More specifically, sales grew by 41.7 percent in Italy, 32.9 percent in the United Kingdom and 3.3 percent in the United States.

However, the weakening of the euro and the pound against the US dollar saw its revenue from sales dip by 2.1 percent compared to the same period in 2014, coming to just over $500 million. (Fage adopted the US dollar as its reporting currency after moving its headquarters to Luxembourg three years ago).

Mixed earnings in the nine-month period came to $245.5 million, up 22.1 percent from last year, while net profits rose to $41.6 million from $21.9 million in 2014.

In the Greek market, however, the dairy producer saw its sales volume contract by 10.8 percent from January to September, with demand expected to shrink further due to the imposition of capital controls in the summer.