Covalact, one of the largest dairy producers on the local market, held by private equity fund SigmaBleyzer, has budgeted turnover worth 24 million euros for this year, after reporting an over 10 percent increase in the first three months of this year against the same time in 2007, the Ziarul financiar reports on April 29.
"I forecast a 15-20 percent turnover increase this year compared with 2007, as a result of an increase in sales in the second half of the year," said Ioan Balan, the company’s general manager.
Covalact ended last year with a 21 million-euro turnover, up by around 30 percent on the previous year, when it derived 16 million euros, amid an increase in the price of raw and powdered milk in 2007.
The Company posted a net profit worth one million euros last year, around 40 percent more than in 2006. "The company’s growth rate will be lower this year than in 2007, since this year’s investments and restructuring will only come to fruition in the second half of this year and next year," the Ziarul financiar concluded citing Balan as saying.