“Loss is quite big "- why Loidl’s production is stopped
Director of meat producer "Loidl" declares, that the company has a quite big loss amid pandemic and stopped production. According to Mikheil Okujava, the owner and director of the company's 39% stake, production is suspended indefinitely.
“The factory has stopped working for now. I can’t tell whether the enterprise will open ... it is an unpredictable situation and I can’t give a specific answer. If something changes radically soon, it might be changed as well. However, in the given condition, I do not think so. If we give adequate price for this quality product, we will not sell it due to the GEL exchange rate and high meat price," he said.
Mikheil Okujava names the lack of working capital as the main reason for the suspension of the company.
“GEL exchange rate, the price of raw materials and declined purchasing power of the population are the reasons that led us to this decision... We produced high quality products and prices were relatively high. However, sales significantly fell amid pandemic and the factory could not support itself with those sales. At this stage, we fired workers employed at the plant”, said the director of the company.
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