Excelent profit soars

Sweets producer Excelent Bucharest posted 26.4bn ROL H1 profit, twice the level scheduled in early-year forecasts. Excelent’s profit climb, which has become obvious over the last two years, maintained in the first half of 2003, as well, as sales of sweets yielded profit worth 54bn ROL ($1.6m), up 45% since the year-ago period. Profit exceeded the turnover growth pace. Excelent sales totaled 441bn ROL ($13m) in H1, 20% more than in the first half last year. The company’s 2003 budget had not considered significant increases as compared to 2002. Excelent sales were set to reach $28.5m by yearend, whereas gross profit estimates pointed to $3.6m. The company logged 128.3bn ROL ($3.88m) gross profit last year, while revenues stood at 860.2bn ROL ($26.02m). Excelent took over 60% in another Romanian producer, Kandia, under a $6m transaction in April this year. Excelent and Kandia hold some 40% of the Romanian market of sweets, followed by international group Kraft (35%). ZF