November 21 (SeeNews) - Romania's Raiffeisen Capital & Investment (RCI) said on Wedneday it has put under review its 'Hold' recommendation on Romanian dairy firm Albalact to reflect its third-quarter financial results, with a positive outlook. “We stick to our 0.95 lei ($0.40/0.27 euro) 12-month target price. Due to the current markets meltdown, Albalact stock price has fallen to 0.68 lei by Tuesday’s closing. Hence we place our recommendation under review until our update will confirm a new recommendation,” RCI said in a statement. Revenue rose by 42% on the year to 36.5 million lei in the third quarter. EBIT was in red by RON 0.4 mn, heavily impacted by a 117% yoy hike in personnel costs. “This was due to the starting of production at the new company plant in September, which currently works in parallel with the old plant. We believe that personnel costs will gradually stabilize. We expect management guidance as to the stabilization schedule,” RCI said. In September Albalact opened the new plant in Oiejdea, central Romania, with a daily processing capacity of 200,000 litres of millk, following an investment of more than 10 million euro ($15 million).
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