"We hope to maintain at least the profitability rate we had year-on-year... by reducing costs and providing products with high added value, Agrana's General Representative, Emilian Dobrescu, told Business Standard.
In the financial year 2006-2007 (which ended in February 2007), Agrana's turnover amounted to €171.2 million, 52 percent higher year-on-year, while profits doubled, to €3.54 million.
Beside sugar, the company sells molasses, non-refined sugar, sweeteners, seeds and pesticides in Romania. Sugar sales made up the largest part of Agrana's business, totaling €165.9 million.
Dobrescu estimates that Agrana has a 40-50 percent market share, as the company last year refined some 290,000 tons of sugar, almost half of the total consumption. The current 130,000 tons production quota amounts to some 35 percent of total national production.
Agrana is part of the Austrian Agrana group and has been operating in Romania since 1998. The company owns three factories in the eastern towns of Buzau, Roman and Tandarei. The local sugar market is estimated to be worth some €250 million. Major companies on the market are Agrana, Lemarco, and Zaharul Oradea, the latter controlled by German-French group Cristal Diamant.
Annual sugar consumption in Romania amounts to 600,000 tons - an average 28 kilograms per capita. Bulgarians consume some 30 kg per capita, while the EU per capita average is 35 kg. BVB joins European market rise
The Bucharest Stock Exchange (BVB) began rising yesterday, influenced by the appreciation of European capital markets prior to a key interest rate decision by the U.S. Federal Reserve. The Bucharest capital market rose an average 0.89 percent, according to the composite BET-C quotation. The index of financial investment companies, BET-FI, recovered from Monday's losses, and rose 1.84 percent. The BET index of top 10 companies listed, rose 0.97 percent.
"The appreciation was a reaction to international markets. The previous drop was a temporary reaction to negative news from the U.S.," according to a statement to Business Standard by the General Manager of brokerage company Finans Securities, Adrian Simionescu. European stock markets were rising yesterday, after reaching historic lows on Monday, because of concerns over international credit markets and a low oil quotation.
BRD Groupe Société Générale shares on BVB had the highest liquidity, with circulation worth €2.37 million. Shares rose 2.19 percent, up to RON 28.2 (€8.87) per share, after the bank posted profits 32 percent higher. A 0.1 percent package of BRD's capital was transferred yesterday on the Deal market. Banca Transilvania shares also rose 2.19 percent, up to RON 0.93 (€0.29).
"The banking sector recovered because banks posted good results and are considered safe," Simionescu said. The value of SIF share exchanges reached €4.94 million, or 22 percent of total transactions on the main BVB market. SIF Banat-Crisana enjoyed the highest liquidity, with exchanges worth €1.17 million, while SIF Muntenia had the most significant increase, up 2.34 percent, to RON 2.62 (€8.25) per share. (S.F., V.S.)
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