Intercereal Ialomita expects 30% turnover decline

Intercereal Ialomita, which operates almost 11,300 of hectares of farming land, the sixth largest farming area in Romania, expects to derive a 12 million-euro turnover this year, 30% less than last year, when it posted a 15.5 million-euro turnover, amid a lower cereal production. The company ranks sixth among companies that have submitted applications for direct subsidies per hectare, leaving behind much better known owners, such as Mihai Anghel, who farms 9,500 hectares of land via one company, Cervina, and Stefan Poienaru, who has 7,000 hectares from Agrofarm Prod, according to the Agency for Agricultural Payment and Intervention. “Considering that both us and the producers we are working with will have a lower production than in 2008, as well the fact that we still have wheat stocks left from last year, will see our revenues down – they will amount to up to 50 million RON (12 million euros),” Gheorghe Nica, general manager of Intercereal, told ZF.