“The profitability of the company stood at 2.77% of the revenue, more than ten times lower than the industry average in the EU. The prices of the main cost elements (flour, power, packaging etc.) were in line with those in the European Union, while the average price was the lowest by far and these factors led to this low profitability, which is far from reflecting the efforts previously talked about (investments i.e.),” the executive said.
Vel Pitar posted EUR80 million revenue and EUR2.2 million profit last year.
According to the Eurostat data previously cited by Vel Pitar officials, the price of bread in Romania was the lowest in the EU in 2015, 55% of the EU average. Romanians eat 95 kilograms of bread per capita a year, compared with 60 kilograms per capita in the EU.
(English version by Loredana Fratila-Cristescu)