In the first quarter of the year, the company posted a net profit of RON428,000.
Its revenues decreased 13.9%, to RON47.55 million, while expenses dropped 20%, to RON46.68 million, according to the company’s half-year earnings report released Thursday.
Sales revenue increased 6.5%, to RON13.24 million. Spending on raw materials was 36.9% lower, to RON18.64 million.
The company, controlled by businessman Constantin Boromiz, estimates it will turn a profit of around RON5 million this year and sees its revenues rising 11.6%, to RON101.6 million.
The company is part of Boromir group, one of the largest milling and bakery companies in the local market. The group also includes the companies Boromir Ind, Boromir Pan, Moara Cibin (MOIB.RO), Extrasib Sibiu, Comcereal Sibiu, Amylon Sibiu (AMY.RO) and Panmed Medias.
Boromir Ind controls 67.78% of the bread and pastry maker and lender Banca Transilvania, its investment management division firm BT Asset Management and three investment funds it manages own 11.91%.
Boromir Prod ended down 1.04% on the Bucharest stock market Wednesday, at RON0.095 a share.