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Boromir registers 11 times higher net income

Boromir registers 11 times higher net income
13.11.2007, 20:12 10

Boromir Ramnicu Valcea, one of the milling and bakery industry's leading players (on a market worth approximately 1.5 billion euros) saw its net profit increase by 11 times in the first nine months of this year, against profit registered for the whole of 2006, which was largely aided by the sale of a piece of land in Sibiu.
"The profit derived in the first nine months of this year resulted from the sale of land, on which the Amylon plant was formerly located, as well as an increase in the price of traded shares," said Constantin Boromiz, general manager and Boromir shareholder.
The company reported net profit worth 11.5 million euros in the first nine months of the year, on a market where most producers' profits do not exceed 2 million euros. This year, Boromir sold the approximately 25,000 square-metre area (which formerly accommodated the glucose division of Amylon Sibiu, part of the Boromir group) to a company controlled by the Immoeast investment fund. The transaction was put at around 9.4 million euros.
By the end of this year, Boromir intends to relocate the glucose division and merge the Boromir Prod Buzau plant with another two companies of the group - Boromir Pan Hunedoara and Eurostar Invest Buzau. Sibiu-based companies Amylon, Comcereal, Extrasib and Panned Medias, will also merge by absorption with Moara Cibin. "The Boromir group saw an 84 million-euro turnover in the first nine months of the year, up 50% against last year. Our goal is to maintain this rate until the end of the year, when we estimate to reach turnover worth 120 million euros," said Boromiz.
Last year, the company reported an 85 million-euro turnover; up by around 8% against 2005, while initial estimates indicate a sales increase of 10% for this year.

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