Zito, the bread and pasta group, generated EUR 120m in sales revenues last year, which is up 3% over the same period in 2006. In 2008, the group expects to increase sales by 5% to EUR 126m, while profits are projected to slightly decline due to the relocation of several product lines.
Zito will issue the 2007 profit and loss statement by the end of January, but estimates show profit should top EUR 4m, said Zito CEO Iztok Bricl at a press conference on Thursday.
In the first ten months of 2007, profits stood at EUR 3.1m, which is a 7% drop compared to the same period in 2006.
Profits in 2008 are projected to decrease in comparison to 2007, to EUR 3.4m, as the company takes a charge for the relocation of its subsidiary Zito Sumi to a new site outside Ljubljana.
At the end of 2007, Zito employed 1,620 people, but will be forced to reduce the number of employees to around 1,450 by the end of 2008.
Bricl said 2007 was successful for Zito, despite "all the price hikes of raw materials". Sales on domestic market, where Zito sells 80% of its output, increased by 5.6% last year. Foreign market sales were up 1.2%.
Domestic market sales are projected to increase by 4% next year and top EUR 102m, while an increase of 10% in sales on foreign market should generate sales revenue of EUR 24m.
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