Argus gains plunge

The fierce competition on the edible oil market has hurt the profitability of the second-largest player, Argus Constanta. The company’s profit reached 387,112 dollars in H1, 2003, down more than 90% from the year-ago period, when it came to about $4.4 million. At the same time, the company’s turnover also registered a slight drop, from about 21.4 million dollars in H1, 2002, to $21.2 million. “The results are not surprising,” stated Veronica Popa, the company’s economic manager. “Last year we did post a 40% rise in turnover in nominal terms, but it was due to the fact that 2002 was an exceptional year, not only for us, but for the entire industry. We should not take into consideration last year’s results, but follow the trend that characterised the 1997-2000 period,” Popa also said. In 2002, the company’s turnover came to $50m and profit doubled to $6.5 million. ZF