Loans in euros and RON depreciation hurt Agrana"s profit - Azi

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Agrana Romania, the leading sugar producer on the local market, posted a net profit worth 15.47 million RON (4.35 million euros) in the first half of this year, 23.5% less in RON against the same time last year.

"The profit decline was not generated by bad management, but by financial losses we incurred due to the RON depreciating against the euro, and to bank loans taken out in European currency," said Emilian Dobrescu, general representative of Austrian group Agrana in Romania. Unlike the...

Read the whole story in: Ziarul Financiar