June 5, 2007

Romania's Agricover posts Q1 gross profit increase by 84 percent

Romanian grain trader Agricover reported on a 4.5 million Romanian New Leu (US$1.8 million/1.4 million euro) gross profit for the first four months of 2007, up by 84 percent from a year earlier.

The company also projects a 5 percent rise in its 2007 gross profit to US$5.76 million or a turnover of US$131.73 million, up by US$26.69 million.

Agricover is one of Romania's main distributors of pesticides and a leader in acquisitions of grain and oil plants, with 300,000 tonnes bought in 2006. It is also the second producer of peas and barley and active on the country's wheat market. Its cereal deposits capacity is about 700,000 tonnes.

Agricover, based in southeastern Romania, is part of the ICB holding company, owned by Iranian businessmen.