Owner of Cerealcom Dolj makes 16m euros less in Q1

Businessman Mihai Anghel, who manages Oltyre-Cerealcom Dolj group, posted 9.7 million euros (41.3 million RON) in turnover in the first quarter of this year, down 63% on the same time last year. “Cereal prices fell to less than half, prompting a turnover decline. We sold part of last year’s crop, but the market was in decline,” said Mihai Anghel, in explanation of this difference. Moreover, in the agricultural sector, the biggest revenues are recorded after the harvest, from June until September, with the first quarter of the year being the weakest, especially if the producer is not able to sell the previous year’s crop. The cereal trading division, Cerealcom, contributed the most to the Dolj-based group’s business in the first three months of the year. The division brought 9.4 million euros (40 million RON) to the group. Production, which is done via Oltyre, Cervina Segarcea and Redias Redea contributed only 0.3 million euros (1.3 million RON), as opposed to 6 million euros in the similar period of 2008.