Altex doubles sales

Romania”s largest home appliances retailer, Altex, which operates the Altex, Megastore and Media Galaxy networks, has announced sales of 210 million euros (including VAT) for the first nine months, twice the level seen for the corresponding period last year. “The growth shows in both turnover and the profitability rate, which was above the sector average over the last few years. Altex”s expansion to other Eastern European countries is a natural outcome given that we have reached maturity on the local market and Romania is a visibly larger market than those of neighbouring countries,” explained Dan Ostahie (photo), Altex chairman. He estimates the company”s profitability rate will reach 5% of its turnover by the end of the year, up from 4.6% at the end of last year, since turnover is expected to double to 275 million euros (330 million euros including VAT). Altex is the only major player that does not have investment funds among its shareholders. ZF