Mefin to break even in 2003

Mefin Sinaia, a company specialised in making injection pumps for diesel engines, estimates to post 17bn ROL gross profit in 2003, after having ended 2002 with 21bn ROL ($0.6 million) losses. The company management forecasts revenues of 791bn ROL, more than twice last year’s level. Mefin Sinaia is one of the companies in the portfolio of the Privatisation Authority (APAPS) that will go through layoffs. Mefin will see about 600 of its 1900 employees fired. Mefin has previously been through a restructuring process in the first half of 2002, when it underwent retooling and shed 15% of its total jobs. Mefin’s debts had reached 98bn ROL ($3 million) by the end of last year, more than one third of which accounted for overdue payments. It had 46bn ROL ($1.4 million) in receivables to collect by the same time. ZF