Business News

Oil Manufacturer Gea Doubles Profit to Almost EUR 1m

Slovenska Bistrica, 28 March (STA) - Gea, Slovenia's leading manufacturer of vegetable oils, reported on Wednesday a EUR 980,000 net profit for 2011, which means more than a doubling of the 2010 figure. Net sales revenues were up 18% to EUR 32m, exceeding expectations by 1.5%.

The management of the Slovenska Bistrica-based company assessed operations as successful. Plans for 2012 include preserving the market share and leading position in the country and selling off assets unnecessary for core operations.

The company described global markets in 2011 as "relatively stable", with the exception of the final quarter when prices of unrefined oils started increasing.

Compared to 2010, Gea recorded a growth in sales on the domestic market last year, but the structure of the sales deteriorated. "We saw slightly poorer results when it comes to exports," the company wrote in a press release.

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