50% increase for Condmag

Condmag Brasov, a contractor specialising in pipelines, achieved an increase in turnover of approximately 52% in the first half of this year, against a similar period of the previous year, to 14 million euros (49.3 million RON). On the other hand, the company’s gross profit went down by 46%, to 110,000 euros. The pipeline contractor managed to increase its turnover by 50% to 32 million euros. Coupled with the turnover increase, the company also doubled its profit in 2005, reaching some 2 million euros. Condmag’s shares, which are listed on the RASDAQ, were among the most traded shares in the first part of this year. One of the company’s majority shareholders, Mihai Craciun, who held a 37.5% stake, existed the company. As a result, Craciun made it possible for several foreign investment funds to buy into the business.