Amep Tecuci cuts losses

Packaging producer Amep Pack Tecuci logged 102bn ROL (about 2.5 million euros) in turnover for the first half of 2004, up 15% in ROL compared with the same time last year. The company posted gross losses of nearly 4bn ROL (a little less than 100,000 euros) at the end of June 2004. Considering that losses stood at 9.2bn ROL four months into the year, the company cut 55% of its losses in May and June. Total spending in the first half amounted to 2.66 million euros, down 16% in real terms from the first six months of 2003. Amep’s officials estimate the company will break even in the next two months. They describe the first half business as “a real rebound in the as yet uncertain context of the Romanian economy.” The company had concluded the corresponding period of 2003 with gross losses of 30bn ROL (800,000 euros). ZF