In the first half of 2013, Albalact had a turnover of RON204.55 million and a net profit of EUR4.44 million.
Exploitation revenue increased 24%, from RON205.15 million to RON255.13 million, while expenses rose 21.6%, from RON198.7 million to RON241.6 million, the company said in a statement to the Bucharest Stock Exchange Monday.
The company’s financial expenses dropped to less than half in the first six months, from RON3.64 million to RON1.67 million.
Albalact targets a turnover of over EUR100 million in 2014 and a 30% profit growth.
Albalact ranks third among Romanian dairy makers with a portfolio of over 80 dairy products under the brands Fulga, Zuzu, Fruzu, De Albalact and Raraul, according to company data. The company has two production units in Romania and over 800 employees.
Local businessman Raul Ciurtin indirectly owns a 42.53% stake in the company, through Cyprus-registered Crisware Holdings (26.86%) and Croniar Holdings Limited (15.67%). Cyprus-registered investment fund RC2 Limited owns a 25.45% stake.
Albalact last traded in Bucharest at RON0.2280 a share.