Pambac turnover falls 5%

Pambac Bacau, one of the main players in the milling and bakery industry, posted 15.1 million euros in turnover in the first six months of the year, 5% lower than in the same time in 2004, mainly due to a drop in grain prices. “Although the sales volume went up in the first half of this year, turnover was lower due to the drop in the grain price, which showed in the sale price of end products,” explained Alin Giurea, Pambac”s chief executive. Giurea went on to say that he was expecting turnover in the second half to be higher than in the first, as a result of a more substantial increase in sales volumes. “We plan to achieve a 35 million euro turnover this year,” said Giurea. According to the Finance Ministry website, the company posted 128 million RON (31.6 million euros) in turnover last year, over 50% higher than in 2003. While Pambac had been focusing its investments on production and technological developments until last year, having invested over 18 million euros in the last five years, this year it has directed its investments towards reorganising its sales, distribution and marketing activities. ZF