Hidroconstructia turnover down 9% in 2007

Hidroconstructia, the largest constructions company in Romania, saw its turnover drop by 9.14% in 2007, to 729.3 million RON (197 million euros), after it lacked the necessary funding for ongoing projects, preliminary company data reveals. “Last year, the funds we received did not match the level specified in our contract portfolio, although the figure was above the value of contracts sealed in 2006,” said the company’s general manager, Emil Timofti, cited by Mediafax. Hidroconstructia’s business was, however, aided by the implementation of new technologies in project execution, by technical equipment upgrades, and by its strategy to take part in tenders for granting public procurement contracts, according to Timofti. By comparison, the company posted business worth 802.4 million RON (216.8 million euros) in 2006. Hidroconstructia also saw last year’s net profit fall by around 14.5% compared with 2006.