Bucur Obor disburses dividends

Bucur Obor, a company that owns retail space, made net profit of 1.05 million euros (42.9bn ROL) in 2004, up 46% from 2003, when the profit stood at 0.72 million euros (27bn ROL). The company”s shareholders called for a general meeting decided to have the entire last year”s profit distributed as dividends. The gross dividend disbursed to shareholders will be worth approximately 3,200 ROL. The profit growth is mainly due to the 35% increase in the turnover, which rose from 1.6 million euros (60.9bn ROL) in 2003 to 2.17 million euros (87.9bn ROL) at the end of 2004. The total operating revenues exceeded 5.1 million euros (207bn ROL). “We anticipate a 10% profit growth for 2005. The profit in 2004 increased as a result of investments and financial discipline,” said Gelu Manea, the company”s general manager. The core business of the Bucharest-based company is retail through non-specialised stores, as well as renting commercial space. The company”s shareholders approved a ten-year contract with Univers All Trading for a supermarket in the basement of the Bucur Obor store in Bucharest, and a five-year contract with Altex for opening a home appliance sales centre. ZF