Kandia chocolate gets back to Julius Meinl still not profitable

Meinl Austrian family, owner of Julius Meinl coffee brand, took over 1.5m-euro losses as it acquired Kandia chocolate producer. Kandia-Excelent company last year reported 33.4m-euro turnover and a negative result of 1.5m euros, in line with Trade Registry data. In the 3 years in the hands of British Cadbury, Kandia business, ranking second on the domestic chocolate market, remained flat and did not manage to turn profitable, reporting cumulated losses of almost 8m euros during 2007-2009 period. Last year, the financial figure reported by the domestic company was similar with that of 2007 (-1.5m euros), the year when Julius Meinl sold Kandia-Excelent to Cadbury for a record high sum for the confectionery market, 100m euros. However, the company had around 200 employees less in late 2009 than at the moment it was sold. The reports the producer filed with the Trade Registry show the company in 2009 reshuffled its business. On the other hand, Kandia-Excelent turnover rose by 15% in RON on a falling market, which could translate through expanding market shares of brands part of the producer’s portfolio.