Porumboiu exceeds his target by €50 mln, in spite of the crisis

“I said it before and I will say it again: the food industry and agricultural production will never die, because people have no choice. They have to eat,” Porumboiu told Business Standard.

The businessman is estimating a 20 percent annual rise in turnover in 2009, due to finalized and ongoing investments. “I also expect a 4-7 percent profit margin. This is the average profit margin for a competitive agriculture. Someone who talks about profit margins of 30, 40, or 50 percent is not living in the real economy for sure,” Porumboiu added.

Racova Com Agro Pan Vaslui will invest some €26 mln in biomass production in 2009, according to its President. The group includes 11 companies, with activities in the agricultural sector, food industry, trade, tourism and services.