22% lower revenues for Comnord

Construction company Comnord Bucharest posted a turnover worth 6.05 million euros (21.5 million RON) in the first quarter of this year, a 22.5% drop against the same period of 2005. The company managed to log a profit worth 74,000 euros (0.26 million RON), against losses worth 23,000 euros (86,000 RON) in the first three months of last year. The company has budgeted a turnover worth some 48 million euros (170 million RON at an average exchange rate of 3.55 RON/EUR) for this year, an over 20% increase against the turnover in 2005. The company also estimates a net profit worth 2.54 million euros (9.03 million RON). Comnord”s core business is construction of buildings, as well as civil engineering. In June 2005, Comnord established Baneasa Rezidential SRL together with Baneasa Investments, contributing 50% to the company”s share capital, i.e. 7.78 million RON (some 2.2 million euros). Comnord is controlled by businessman Sorin Cretescu, who owns nearly 57.5% of the shares. The main minority shareholder is Naveco Limited, which owns 33.3% of the shares. The company owns 5% of the shares of Lafarge Betoane SRL, a company set up last year in partnership with Lafarge Agregate si Betoane. In 2005, Comnord posted a net profit worth 2.61 million euros (9.46 million RON) with a turnover standing at 38.7 million euros (140.4 million RON). ZF