Solidly profitable Sladovňa Michalovce

Sladovňa Michalovce (Lapišák family) posted a 6% annual decline in net profit to €2.4m last year, with revenue down 20% to €26.4m. One of Slovakia's largest malt producers, it has annual output of 65,000 tons and exports nearly all of it, primarily to Poland, Hungary, and Romania. Lower malt prices drove last year's revenue decline. The company faced 40% rise in labor costs over the past four years due to minimum wage hikes, various surcharges, and taxes. It expects improved results this year. Last year it invested €2m in heat exchangers, cogeneration, and photovoltaics. This year it is investing €2m in expanded storage capacity, with plans to raise production capacity to 100,000 tons of malt by 2030.

(sme.sk)