Higher prices boosted Argus Constanta’s profit fourfold

The Argus Constanta vegetable oil producer registered a net profit worth RON 22.9 million (€6.2 mln) in 2008, 4.4 times higher year-on-year, according to the preliminary financial results sent to the Bucharest Stock Exchange (BVB), while company revenues rose some 52 percent, to RON 213 mln (€57.8 mln). The producer’s net sales surged 69 percent, to RON 213.8 mln
“Last year was a good one for the company. The market did well, although towards the end of the year it started to slide. We had a RON 22.9 million net profit, of which RON 7 million came from the sale of an asset we had in Tulcea [County],” the company’s Chairman, Vasile Leu, told Business Standard.

The oil producer’s expenses soared 40.8 percent last year, to RON 190.33 mln (some €44.37 mln). Its capital amounts to RON 53.7 mln (€12.52 mln), divided into 35.8 million shares, with a nominal value of RON 1.5 (€0.34). According to the latest reports, the firm’s main shareholders are the SIF Oltenia financial investment company, with 18.97 percent, and Vasile Leu, with 11.32 percent.

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