The company’s shareholders Thursday approved the income and expenses budget for this year, which puts total revenue at an estimated RON196.3 million, up 12% on 2011, while expenses are seen at RON193.1 million, according to data sent to the Bucharest Stock Exchange.
Last year, Boromir reported revenue of RON175 million, expenses of RON172.9 million and net profit of RON1.3 million.
The shareholders approved the company’s investment program for this year; a budget of EUR2.6 million will be used to expand Boromir’s production and storage facilities, as well as purchase a line of bakery products.
They also approved taking out a RON35 million loan from ING Bank, used to issue letters of guarantee and participate in a program to provide disadvantaged people with food.
The company has been authorized to buy back 10% of its stock, for RON0.1-0.3 per share.
In 2011, Boromir Prod posted turnover of RON148.7 million, up 17% on 2010.
Boromir Prod is part of Boromir group, one of the largest milling and bakery companies in the local market. The group is controlled by businessman Constantin Boromiz, and also includes the companies Boromir Ind, Boromir Pan, Moara Cibin (MOIB.RO), Extrasib Sibiu, Comcereal Sibiu, Amylon Sibiu (AMY.RO) and Panmed Medias.
On the Bucharest Stock Exchange on Tuesday, Boromir Prod closed flat at RON0.18. (EUR1=RON4.3747)