EnglishAvicola - Brasov shareholders have approved a share capital increase by 18.3 million RON. The funds will come from Transavia - Alba Iulia, which will thereby become the majority shareholder. Until now, Avicola was controlled by the employee association Avipas with 55%. Before the increase, the share capital is 5.14 million RON.
According to General Manager Iordache Nedelcu, the capital injection was absolutely necessary considering the fairly large debts to suppliers, employees and the State in the range of 1.5 million RON. The company will also use the incoming funds to increase the slaughterhouse capacity to some 65-70 tons of chicken meat per day.
Avicola Brasov concluded last year with a net profit of 776,787 RON, down 5.6 times from the previous year, when the net result was 4.36 million RON. The decrease in the net profit was connected to the difficulties that the overall Romanian agriculture experienced primarily because of the avian flue. The turnover advanced 4.68% from 47.76 million RON in 2005 to 50 million RON in 2006.
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