400,000-euro income for Vel Pitar in Q1

The company”s investment budget stands at 10 million euros for this year, 40% more than in 2005. Vel Pitar Ramnicu-Valcea, one of the leading players in the milling and bakery industry, posted a profit worth 1.4 million RON (400,000 euros) in the first quarter of this year, an almost four-fold increase against the same period of last year. Turnover increased by 6% to 65 million RON (18 million euros) during the same period, which boosted the company”s profitability to 2%. “The results are to a big extent due to our team and to the investments that Vel Pitar made in 2005,” says George Frincu, general manager of Vel Pitar. Last year, the company made investments worth some 7 million euros, with most of these investments being used to acquire new technology and to develop new products, according to information from the company. Investment plans for this year exceed 10 million euros. “The bulk of our investments will go to high-tech, to launching new products and to communication campaigns,” explains George Frincu. ZF