Agrisol Net Income Sharply Down14 July 2008
ROMANIA - Rising feed prices have cut net income for leading poultry company.
Agrisol International is a major player on the domestic market but last year, its net income was valued at 12.7 million Romanian new lei (RON; around €3.8 million). This is 65 per cent below the figure of two years ago, according to Ziarul Financiar.
Most poultry producers recorded a reduction in income last year as grain prices rose two- or even three-fold. Poultry prices rose by just three per cent.
Agrisol's shareholder opted to invest much of last year's income in increasing its share capital, according to Official Gazette information. This amounted to RON 11.97 million (€3.5 million) from 2007 income, raising share capital to RON 43.4 million (€13 million).
The company did not report last year's turnover but the figure in 2006 stood at €27.5 million.
Sarels International, registered in Cyprus, has a 50 per cent share in Agrisol International. It is represented in Romania by Lebanese-born Youssef Laoun.