Pambac Bacau, which produces bread and bakery products, has seen its profit shrinking by 25 percent in the first half of the year, as Romanians have started to buy cheaper products.

“The turnover planned for this year is similar to last year (EUR 40.6 million). The results in the first part of the year confirm the planned figures so far. As expected, the profit in the first half of the year is almost 25 percent smaller[...],” said Alin Giurea, president and general manager of Pambac, and also one of the company's shareholders.

The company plans to open 300 kiosk units, which it already started expanding around Bacau.

Pambac is a Romanian company which was privatized in 1995 through a management buy out.