Business News

Oil Producer Gea Finishes 2010 with Profit

Slovenska Bistrica, 30 March (STA) - Gea, Slovenia's biggest manufacturer of vegetable oils, posted a net profit of EUR 437,000 in 2010, which is significantly lower than in 2009, when its profit topped EUR 2m.

Sales revenues of the Slovenska Bistrica-based company stood at EUR 27.1m, which is 1% less than in 2009 and some 8% above the targets.

CEO Igor Hustic attributed the slightly poorer result to the global crisis. "We have recorded a slight drop in sales in all brands on the domestic market, but we have successfully overcome this with increased exports of products with high added value," the company said in its annual report published on the web site of the Ljubljana Stock Exchange on Wednesday.

According to the company's surveys, Gea remains the leading vegetable oil producer in the country. In 2010, it expanded its foothold in the production of own-brand oils in 2010, while its market share in the sale of store-brand oils stayed unchanged.

According to the management, 2010 was also a successful year in terms of exports, primarily to Germany and Russia.

Plans for the future include possible expansion to new markets, a launch of at least two new products and completing the sell-ff of unprofitable assets.

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