Major meat exporter returns to profit

The major Finnish meat producer and exporter HKScan made a 0.6 million-euro (0.68 million-U.S. dollar) profit in April-June 2020, while its result in the second quarter last year showed a 2.5 million-euro (2.85 million-dollar) loss, said the company in a press release on Thursday, reported Xinhua.

Meanwhile, the company's turnover reached 440 million euros (501.38 million dollars) in the second quarter of 2020, slightly up from 439 million euros (500.24 million dollars) of the same period in 2019. Finnish business daily Kauppalehti noted on Thursday that HKScan emerged from a long period in the red.

Tero Hemmila, CEO of HKScan, said in a statement it was estimated that the COVID-19 pandemic had reduced the turnover in the second quarter of 2020 by 2 million euros (2.28 million dollars).

He said that the market price level of meat in Europe has fallen due to the increase in stocks, causing indirect pressure on the price levels in domestic markets. Consumers have also switched to lower-end products.

"The COVID-19 pandemic has changed consumer behavior and it is quite unlikely that we will fully return to the pre-pandemic operating environment," Hemmila said.

According to the HKScan release, online food sales multiplied in Finland compared to before the pandemic hit.