Albalact 1Q Net Profit Falls 75% To RON2.6M

05.02.2011 By Florentina Dragu

Dairy maker Albalact Alba Iulia (ALBZ.RO) Monday reported a 75% drop in its first quarter profit to 2.6 million lei (EUR0.63 million), despite a 32% increase in sales.

"The crisis will continue to put pressure on the local market and we see no significant improvement in consumption and purchasing power," said Raul Ciurtin, president and CEO of Albalact.

In the first quarter of 2010, the company posted a net profit of RON4.61 million.

Albalact said total sales rose 32.2% on the year to RON85.2 million in the first quarter.

Overall revenue stood at RON109.4 million, up 60.5% on the year.

Alabalact has a share capital of RON65.27 million.

Main shareholders include Petru Ciurtin (31.74%), Petru-Raul Ciurtin (11%) and Cyprus-registered investment fund RC2 Limited (25.44%).

Last week, the company approved selling an old dairy factory in Alba Iulia at a starting price of EUR1.6 million.