The company attributed the drop in profit to rising energy prices and pressure for higher labour costs.

"The edible oils market has been contracting for some years now," the company's chairman Igor Hustič said, describing the situation as moderately optimistic.

Despite the economic growth, the company continued to face the pressure on the prices of its products as well as unfair competition.

Still, Gea managed to operate at a profit in all divisions, preserving good liquidity and zero debt.

While aiming to preserve the position of the market leader at home, the Slovenska Bistrica-based company plans to explore further market niches in foreign markets.

Exports increased by 14% last year to account for more than 20% of the overall sales revenue. Exports to EU countries rose by 11%. Half of the exports went to Croatia.

Gea employs almost 100 people. Its biggest single owner is Eta Kamnik, a food company best known for preserved foods which acquired a 18.35% stake from the Bank Asset Management Company last year.

A consortium of shareholders headed by KD Group has been trying to sell their combined 60% stake for some time.