Sept 16, 2013 (LBO) – Sri Lanka-based Tess Agro Plc, an exporter of sea fish said it had set up a marketing unit in Belgium to gain direct access to the European Union and better prices. But there was a 35.7 million rupee gain on property revaluation.
The key markets of the firm are the EU, US and Japan.
“The company has opened a branch in Belgium to expand its presence in the EU,” chairperson S F Fernando told shareholders in the annual report.
“The European Branch will open the door to new opportunities to improve the margins and
stabilize prices in an otherwise volatile turbulent economy in the EU.”
Fernando said the Belgian unit will import fish from the company and supply it to restaurants, hotel and supermarkets.
Tess Agro was building facility in near Sri Lanka’s Dikkowita fishery harbhour to upgrade its cold chain.
In the year to March 2013, revenues had dropped to 507 million rupees from 566 million a year earlier. The firm had loss 15.8 million rupees compared to a profit of 17.6 million rupees a year earlier as interest costs doubled to 22.5 million rupees from 11.8 million.