A Douglas-based firm which specialises in producing agricultural commodities in the Ukraine is blaming hail and heavy rain during harvesting for a poor rapeseed crop.
Landkom International, based in Hope Street, says the poor weather means it’s produced only 1.75 tonnes per hectare, compared to 2.5 tonnes last year.
As a result, it says the crop’s gross profit is expected to be around $3.1 million.
Because of that lower than expected revenue, Landkom’s board says it doesn’t expect to report a pre-tax profit for the this year.
Neil Balfour, Landkom’s chairman, says the company is undergoing a review of its business to consider a broad range of strategic alternatives.
Businesses under threat from Steam Packet freight surcharge says Chamber
Fuel supplies to the Island remain 'reliable'
Enterprise minister 'optimistic' following challenging period for tourism sector
Mannin Music confirms Peel beach stage trial go ahead for summer
