Lithuanian dairy processor Vilkyskiu Pienine has reported a net loss of EUR565,000 (USD630,000) for the first quarter of 2016 as a result of “the low level of pricing of dairies and fairly high prices of raw milk”.

Year-on-year sales for the first quarter of the year fell 15% to EUR16.7m from EUR19.6m for the same period last year, the dairy said.

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However, Vilkyskiu said sales volumes remained stable in its established export markets including South Korea, Bulgaria, the United Arab Emirates and Jordan.

The company also launched a EUR26m whey processing plant project, which is scheduled for completion in the first quarter of 2017. The firm said previously that the project will enable it to implement one of its strategic goals to achieve a more “downstream” processing level.

In February, Vilkyskiu confirmed that full-year profits for 2015 fell to EUR1.2m from EUR3.2m previously as a result of the closure of the Russian market to dairy exports from the EU.

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