After 91m-euro sales in 2008, Agricover continues rise in Q1

Agricover, which produces seeds and distributes farming products, ended 2008 with a 91 million-euro (over 335 million-RON) turnover and continued to go up, to 20.4 million euros (85.3 million RON) in the first quarter of this year, by over 10% in euros against the same time last year.

"In the first quarter of the year, the group's revenues exceeded the original 2009 target by 5%, amid a sales increase for seeds, pesticides, fertilisers, as well as for cereals," said Robert Arsene, general manager of Agricover , which posted a 4.1 million-euro (15.2 million-RON) operating income in 2008.

The company's business plan provided for an almost three-fold decline in the operating profit in the first quarter of this year against the same time in 2008, to one million euros (calculated at the current exchange rate of the NBR) from 2.6 million euros. "The volume of acquisitions and sales in the cereal division amounted to over 320,000 tonnes in 2008.

This year we expect a volume increase, but a decline in value and in profit margins (...)," Robert Arsene added.

Source: Ziarul Financiar