MAT steps into the black

Farming and industrial equipment manufacturer MAT Craiova, a business owned by a local investor from Alexandria has doubled sales last year to a total of 7.5 million euros, compared with 3.5 million euros in the previous year, as a result of an increase in exports on the traditional European markets and of its entry on new markets such as the Middle East and the Latin America. The company posted more than 800,000 euro (31bn ROL) net profit last year, from an over 500,000 euro loss (17bn ROL) in 2003. “We grew because of better exports and because the domestic market does not get sufficient financing, being controlled by the Agriculture Ministry through subsidies,” Ionel Catrinoiu, the general manager of MAT Craiova said. The company has consolidated its presence on the markets of the countries neighbouring Romania, and managed to enter some markets in the Middle East, Northern Africa and Latin America. MAT Craiova remains optimistic for this year, when it sees itself making over 80% higher sales than in 2004. ZF