Loulis merger boosts turnover

Loulis Romania, one of the most important players in the milling and baking industry, posted 29.1 million-euro (105.5 million RON) turnover for the three quarters ending September 30, 70% higher than in the same time last year. The growth of Loulis Romania”s business occurred in the context of a merger between Moara Loulis and Mopan Targu Mures at the beginning of this year, with the new company continuing to be listed on the Bucharest Stock Exchange. Mopan Targu Mures was already listed prior to the merger, and was trading under the MPN symbol, which was retained by the new company. The representatives of the company could not be reached for further comment on these results. Loulis Romania posted 0.55 million euros (2.1 million RON) in losses at the end of September, slightly down by 4% from the losses made in the first nine months of 2004. The company logged 0.3 million euros (1.2 million RON) in operating losses, compared with 0.4 million-euro (1.7 million RON) losses three quarters into 2004. The officials explained that profitability was negatively affected by the restructuring costs as a result of the merger, but that they expected the financial results to improve by the end of the year. ZF