Frigocarne Iaşi sees profit in H1 2009

Frigocarne Iaşi (symbol:FRGC, on the Rasdaq tier of the Bucharest Stock Exchange) posted a gross profit of 54,044 lei, compared to the loss of 56,230 lei at the end of H1 2008. The profit does not however stem from an increase in the company"s turnover, which dropped from 38,765 lei in H1 2008, to just 9,000 lei in H1 2009. Operating revenues increased YOY, from 38,765 lei in June 2008, to 117,658 lei in H1 2009, and operating expenses saw a slight decrease from 116,391 lei in H1 2008, to 112,000 lei in H1 2009. The Ia i-based company posted an operating profit of just 5,658 lei, but its gross profit increased to 54,044 lei, on the back of 48,386 lei in interest revenues.

During the first part of the current year, Frigocarne SA Iaşi acquired land worth 656,000 lei, in exchange for outstanding receivables over its customer Construct Design SRL, worth 371,018 lei.

Frigocarne SA was created through the restructuring of the State Meat Processing Plant of Iaşi, whose initial scope of activity was the processing, storage and sale of meat products, providing services to third parties and import/export operations. Starting in 2003, the company changed its main line of business, to the letting and subletting of its own or third-party real estate properties.

According to the latest filing, the main shareholder of the company is Dănuţ Prisecariu (53.85%), with the Authority for State Assets Recovery holding a 30.42% stake, and the remaining shares being owned by various other shareholders.