Hungarian milling company PannonMill Malomipari closed its business year ended September 30 with net revenue of HUF 19.1bn, well over the HUF 11.5bn in the previous year because of higher wheat prices, chairman-CEO Zoltan Poor said at a press conference on Thursday.
Wheat prices rose as high as HUF 80,000 per tonne in the 2010/11 business year, Mr Poor said. At present, prices are between HUF 50,000 and HUF 55,000 per tonne, he added.
PannonMill can mill 300,000 tonnes a year, or about 25% of the market, making it the industry’s biggest player. It has four mills.
Between 20% and 25% of PannonMill’s revenue comes from exports to Slovakia and Romania.