Argus Posts 1Q Net Profit Of RON5.7M, Up 26% On Year

05.16.2011 ZF English

Romanian edible oil producer Argus Constanta (UARG.RO) Monday reported a net profit of 5.66 million lei (EUR1.4 million) in the first quarter of 2011, up 26.3% from RON4.48 million in the same period a year before.

The profit increase was fueled by a 70% jump in turnover. Argus said in its financal report that sales were at RON64.05 million in January to March, compared with RON37.74 million in the year-earlier period.

Revenue doubled from RON42.5 million to RON84.5 million, while overall expenditure rose to RON77.6 million, from RON38.1 million in January-March 2010.

For 2011, the oil maker sees 13% higher sales at RON158.1 million, and expects switch to profit, after a loss of RON5.5 million in the previous year.

Argus owns an oil production facility in Constanta and several grain storage facilities in the southeastern part of Romania.

It has a share capital of RON53.6 million, split into 35.7 million shares with a face value of RON1.5. SIF Oltenia (SIF5.RO) owns 20% in Argus, while the company's president, Vasile Leu, holds 11.3%, according to latest reports.

Argus closed down 1.16% Monday in Bucharest, at RON21.25 per share. (EUR1=RON4.1054)