Cora steps into the black

Romania Hypermarche, the company that manages the Cora network in Romania, posted a turnover worth almost 640 million RON (177 million euros) last year, a 56% increase against 2004. It also stepped into the black, having posted a gross profit worth 8.7 million RON (2.4 million euros) in 2005, after previous losses worth 15.4 million RON (3.8 million euros). Contacted by ZF, company officials refused to comment on the reasons for the improvement in last year’s financial results. The Cora network is currently made up of two hypermarkets, both of which are located in Bucharest, opened in 2003 and 2005 respectively, in the wake of an investment totalling some 90 million euros. In November, Romania Hypermarche will also complete construction work in Cluj-Napoca for the third hypermarket in Romania and the first outside Bucharest, with company representatives putting the investment at 21 million euros. Construction work on this project started in March.