Consmin Petrosani turnover drops 47%

Constructions firm Consmin Petrosani in the first nine months of 2005 posted turnover worth 10.44 million RON (2.9 million euros), down 47% from the corresponding period of last year, when the company”s sales had reached 19.76 million RON (4.85 million euros). After the first three quarters, the company is still posting losses, which are now worth some 4,300 RON (1,200 euros), 3.4 times lower from the similar period of 2004. Operating losses are higher, though, reaching 26,000 RON (7.200 euros) in Q3. The main factor behind the negative results are the low investments in the area, as well as the moderate growth of the construction sector in the first half of this year as compared with the corresponding period of 2004. Consmin Petrosani is one of the 16 construction companies selected to contribute to the revival of areas hit by floods in Banat. In line with the company”s 2005 projections, Consmin is set to post higher net income than last year, when net gains amounted to only 15,000 RON (4,500 euros). ZF