Bread maker Titan sees 26pc decline in Q1 turnover

The Bucharest-based bread maker Titan posted in the first quarter of this year a turnover of 57.51 million lei, down by 26 percent from the similar period of 2008, shows a financial report submitted to the Bucharest Stock Exchange.

The company’s pre-tax profit fell by 16.5 percent over the first three months of 2009 compared to same period of 2008, hitting 2.029 million lei.
Company revenues totaled 58.483 million lei (minus 26 percent), whereas expenditures stood at 56.082 million lei (minus 26.8 percent).

On March 31, Titan had debts worth 120.235 million lei and claims of 32.5 million lei.

Titan is a bread-making plant having LLI Euromills GmbH as major shareholder, with 97.5815 percent of the stake. The company’s capitalization reached 152.772 million lei.

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