Another year of massive losses for Tractorul

Agricultural equipment maker Tractorul Brasov (UTB) concluded last year with 910bn ROL losses ($27 million), as its expenses were almost twice higher than its revenues. Losses fell slightly from the previous year, however, when Tractorul was logging 1,013bn ROL ($32 million) losses. The company posted 1,164bn ROL ($35 million) in total revenues last year, and spending was worth 2,074bn ROL ($62 million). The company was bought by Italian Landini Group in late last year. According to the privatisation documents, the Italians will pay 28.3 million euros for 80.16% in Tractorul plus investments, in addition to 17 million euros to settle the plant’s debts and commercial loans contracted. The results show the company’s debts had reached to 5,481bn ROL ($166 million) at the end of last year, with overdue payments accounting for more than 80% of this amount. ZF