GFR could overshoot 100m-euro turnover mark

Grup Feroviar Roman (GFR), the largest privately-held railway freight transporter in Romania, controlled by businessman Gruia Stoica, saw an around 30% turnover increase in the first three months of this year against the same time last year, in line with this year’s estimate. “Last year’s investments and those budgeted for this year will lead to a turnover that will at least match last year’s,” said Ion Garoseanu, vice-president of GFR. According to him, the company derived revenues worth around 85 million euros (283 million RON) from its core business, 30% more than in the previous year. The company’s profit amounted to 10 million euros (35 million RON), up 40% in RON against 2006. This year, GFR’s turnover could exceed 100 million euros, according to estimates provided by company representatives. GFR is a part of the Grampet group, alongside other companies such as Reva Simeria, Remar Pascani and Tursit Semenic, and derives the bulk of its turnover (around 97%) from domestic railway freight transport.