Albalact 2010 Sales Rise 14.6% On Year, To RON261.2M

04.27.2011 By Andrei Circhelan

Romanian dairy maker Albalact Alba Iulia (ALBZ.RO) posted sales of 261.2 million lei (EUR64 million) last year, up 15.6% from RON225.9 million in 2009, the company said in a news release Wednesday.

Romanian dairy maker Albalact Alba Iulia (ALBZ.RO) posted sales of 261.2 million lei (EUR64 million) last year, up 15.6% from RON225.9 million in 2009, the company said in a news release Wednesday.

It said revenue rose some 15% on the year, to RON269.7 million, but net profit dove to RON580,000, from RON2.6 million in 2010.

"The company's focus was on growing the business in 2010, in the given market conditions, and the financial results show that we attained the estimated increase," said Raul Ciurtin, the company's president and general manager.

"Albalact gained market share, although the drop in purchasing power, the value added tax increase and the raw material price raises pressured the profit," Ciurtin added.

Another shareholder decision issued Wednesday referred to selling the company's old plant in Alba Iulia, for at least EUR1.6 million net.

The company has a share capital of RON65.27 million, and it is owned by Petru Ciurtin (31.74%), Petru-Raul Ciurtin (11%) and Cyprus-registered investment fund RC2 Limited (25.44%).

Tuesday in Bucharest, Albalact closed at RON0.223 a share, flat on the day. (EUR1=RON4.0767)