Also, the profit halved on higher acquisition costs with the raw materials.
In the first semester, Argus posted an operating profit of RON0.57 million, compared with RON1.2 million during the same period a year ago.
The net profit was RON0.05 million, compared with RON0.1 million a year before.
Argus’ debts decreased at RON13.3 million in the first semester, from RON80.4 million early this year, after the company paid the loans took in 2014 from the acquisitions of raw materials.
The banking loans allowed Argus to double the rape seeds and sunflower acquisitions in 2014-2015. The company eyes RON220 million revenue in 2015 and a net profit of RON4.4 million on raw materials stocks set up at the end of 2014.
Argus shares dropped by almost 6% after the announcement of the financial results, to RON2.81 per share.
SIF Oltenia, which owns around 85% in Aurgus, aimed to sell its stake to a strategic investor in the same field of operations. Buying Argus, the investor would also purchase cereals trader Comcereal Tulcea (CTUL.RO), owned by the oil producer.
(English version by Manuela Panescu)