Arcom reports 16% growth in Q1

Construction contractor Arcom Bucharest has already generated 60 million RON (16.4 million euros) in turnover in the first half of the year, an increase of 15% on the same period last year. Its profit rate has reached around 7% after six months into the year, company representatives say. “These financial results were made possible by our having a number of contracts signed last year that were to be carried out this year, meaning we were covered. The market for state-funded works was slow in the first part of the year, unlike the private sector,” Florian Florescu, Arcom SA”s financial manager, told Ziarul Financiar. Arcom is budgeting for turnover of 113.5 million RON (30.2 million euros) this year. Arcom used to be the foreign arm of the Romanian constructions industry before 1989, but later faced a collapse in orders from abroad and the loss of traditional export markets from the Middle East and Northern Africa. Consequently, Arcom has gradually shifted to the domestic market and partnerships or associations with foreign companies. According to recent information from company officials, they are planning a comeback on markets like Algeria and Libya next year. ZF