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Pambac Bacau sales are not recovering: down 5% in first two months

Pambac Bacau, a producer of pasta brands Gata and Flavora and ofGrania flour ended last year with a 12% turnover decline in RONagainst the similar period of 2008, to 173 million RON (41.2million euros). The result is below the company's originalexpectations of a 5% turnover increase for 2009.

Although the volume sold also fell by around 8% last yearagainst 2008, Pambac's taxable profit was 49% higher than thatposted in 2008, 4.8 million RON (around 1.2 million euros), whileits EBITDA remained at around four million euros, within theaverage of the last few years.

"The profit rise was the result of the three years ofrestructuring, cost-cutting measures, of eliminating lessprofitable or wholly unprofitable product ranges," said AlinGiurea, 49, Pambac chairman. He added that the turnover declinemainly had to do with the price decline for products in thecompany's portfolio, as well as with the fact that Pambac stoppedworking with bakeries and pastry shops that could not pay for themerchandise with cash.

Giurea has put together a budget for this year, which he terms"unpredictable and difficult" - in two versions, an optimistic one- to preserve the results obtained in 2009, and a pessimistic one -providing for a 10-20% turnover decline.

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