Operating revenues in the first six months dropped by RON32 million compared with the same period in 2019, while operating expenses decreased by RON31.7 million.
The company said in its half-year report it was confronted with pressure from customers operating on the local retail market on delivery prices for refined and bottled sunflower oil. It said it was countering the impact of this pressure by acquiring more raw material and raising the monthly sales volume.
“Constant price increases for electricity are a major influence in production costs. To reduce the impact of such price hikes, we plan to complete an investment in the four quarter of 2020 that will reduce electricity costs by around 20%,” company officials said.
Argus Constanta is 86.4% held by regional investment fund SIF Oltenia (SIF5.RO).