Electroputere stays put

Railway engine and electrical equipment maker Electroputere Craiova estimates to sell $48 million’s worth (1,800bn ROL) in 2003, that is the same as this year. The company, which will be again put up for sale next year, estimates that losses will also come to a standstill, at $1 million. “Out of the total sales estimated for next year, we already have $36 million covered by concluded contracts. As for the rest, we rely on the deals we have with the Industry Ministry and with the Transports Ministry, that is on orders for infrastructure that will keep coming in from the State,” Petre Sabaila, Electroputere general manager told Ziarul Financiar. Sabaila explained that, of the total $36m contracts, 80% account for exports, with transformers as best sellers. Electroputere also relies on the continuation of the engine-retooling programme run by CFR (Romanian Railway Company). As regards losses, they spring from the way in which the late charges and penalties for debts to the state are treated by the International Accounting Standards, as, unlike the Romanian standards, they account for spending and therefore impact on profit. ZF