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Sep 11, 2023 11:45 EEST
September 11 (SeeNews) - The net profit of Romanian organic farming products group Norofert fell by an annual 45.6% to 3.09 million lei ($667,860/622,750 euro) in the first half of 2023, its parent company, Norofert SA [BSE:NRF], said on Monday.
The group’s sales came in at 19.4 million lei during January-June, down by an annual 33.6%, Norofert said in a filing with the Bucharest Stock Exchange.
You can download the 2023 Agriculture industry in Southeast Europe report here
The decrease in turnover was mainly caused by dry weather in the first half of 2023 which affected all crops, Norofert explained.
Operating revenues decreased by 22.9% on the year to 25.1 million lei in the period under review, while operating expenses fell by an annual 22.36% to 19.6 million lei.
EBITDA decreased by an annual 22.1% to 6.4 million lei during January-June.
Total assets amounted to 87.69 million lei at the group level at the end of June, increasing by 12.4% on the year, while total debts grew by an annual 18% to 60.5 million lei.
The consolidated results of the group include both the performance of the parent company and its wholly owned subsidiary, Agroprod CEV, which cultivates 1,000 hectares of organic agricultural land in Zimnicea, in the southern county of Teleorman.
The parent company booked a net profit of 2.47 million lei in the six months through June, after decreasing by 46.7% on the year. Its turnover fell by 31.3% on the year, to 19.88 million lei.
Norofert was established in 2000 and is active in the production of inputs and phytosanitary products for organic agriculture.
Norofert's shares traded 7.91% lower at 5.12 lei as of 1017 CET on Monday on the Bucharest bourse.
(1 euro=4.96387 lei)
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