Vel Pitar profit increases tenfold

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Vel Pitar group, main baked good producer in Romania, increased its earnings before interest, taxes, depreciation and amortization (EBITDA) ten-fold in the first quarter of 2008, to €1.8 million, while turnover rose by some 86%, to €36.7 mln.
 
The company targets turnover in 2008 of €150 mln and EBITDA of some €12 mln, 60% higher year-on-year.
 
Vel Pitar plans to invest €12.5 mln to acquire new production lines, implement specialized software and relocate production units in Bucharest.
 
Some €2.5 mln will be invested in promotion campaigns and the launching of new products.
 
According to company estimates, quoted by Business Standard, Vel Pitar has a 15% flour market share and 9% of the baked goods market. The company has 30-35% of the Bucharest market share.
 
Vel Pitar has over 170 own stores.
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