Argus sees halved profit

After a very good year, which brought double profits, one of the edible oil market leaders, Argus Constanta, estimates it will go back to the profit level posted two years ago. The company aims to post $3m net income in 2003, half the level recorded in 2002. Moreover, Argus predicts sales will not budge this year. The company sees 1,670bn ROL in revenues for 2003, very similar to last year’s figures, although inflation is set to reach 14% this year. Sales went up 40% in 2002, to $50m, while profit doubled to $6.5 million. ZF