ACMS posts 60% higher profit

The ACMS Bucharest construction company last year posted income of approximately around 3.8 million euros (14 million RON), up 60 percent year-on-year, against a 2% drop in turnover, according to financial figures released by the company. In 2005 ACMS registered turnover standing at 23.5 million euros.

The company was founded in 1993 and operates as a general contractor in the construction sector. Its majority shareholder Valentin Bitoiu owns around 50%, while its minority shareholders include Emil Tanasoiu and Daniel Adrian Tanasoiu, equally owning 24.96% each. The company”s representatives could not be contacted for comments.

ACMS Bucharest and the real estate arm of ING Dutch financial group are developing an office project in the northern part of the capital city, close to Piata Presei Libere.

The project, to be delivered onto the market in the second quarter of next year, is estimated by real estate market sources to be worth around 30-35 million euros and will have a total area of around 51,000 square metres, 30,000 square metres of which will be available to rent.

The class A office project is marketed by Eurisko and DTZ Echinox real estate agencies. S.Park is located close to another major office project, Bucharest Business Park.

The most important projects ACMS is involved in, include the construction of the Continental Hotel in Constanta, the Ibis Izvor hotel in Bucharest, and Palace of Justice renovation and consolidation works, carried out in partnership with the French company Bouygues. The company has around 400 employees.

The construction market saw rapid growth, by approximately 20 percent, in the first quarter of this year, according to data from the National Statistics Institute. This growth is substantiated by the boom that the Romanian construction market has been witnessing since 2000. Some sources state that this growth has been absorbed by foreign companies, rather than by Romanian organisations.

An increasing number of international construction companies have entered the domestic market, which has become increasingly appealing. In spite of this, Romanian firms were only able to negotiate subcontractor positions because of their lack of expertise. catalin.lupoaie@zf.ro