June 6, 2007

Romania's Caroli Foods revenue up 25 percent in Q1 2007

Romanian meat processing group Caroli Foods said its earnings rose 25 percent year-on-year to 22.5 million euros (US$30.37 million) in the first quarter of 2007.

Caroli Foods is expecting a total increase of 25 to 30 percent on the year to 125 million euros (US$168.73 million) in 2007.

The company closed 2006 with a net profit of 1.6 million euro (US$2.16 million), down from 2.1 million euros (US$2.83 million) in 2005, on a turnover of 92.1 million euros (US$124.32 million), up 47 percent on the year.

Caroli Foods, whose portfolio comprises the brands Gourmet, Caroli, Maestro, Primo, Familia and Sissi, will invest 3 million euros (US$4.05 million) this year to aggressively promote its products, president Talal El Solh said.

The company said it will also spend 5 million euros (US$6.75 million) in 2007 to build two new logistics centres in Pitesti, southern Romania, and Cluj-Napoca, northwestern Romania, as well as to expand its store chain Maestro.

The Romanian market for processed meat products with main players CrisTim, Caroli, Aldis, Angst, Elit and Tabco-Campofrio, is seen rising by 10 percent on the year in 2007 from the 1 billion euro (US$1.35 billion) it reached in 2006.