Romarm sees decline

National Company Romarm, the largest armament producer in Romania, expects total revenues to drop some 7% in real terms, from the 5.800bn ROL ($175m) in 2002. “We are expecting growth in nominal terms to be below inflation this year, taking into account that all the export-related revenues are expressed in dollars, a foreign currency, which has sharply depreciated lately,” financial manager Elisabeta T=ntiu said. She sees total revenues up 6% in nominal terms, which actually means an about 7% decline. Romarm produces infantry ammunition and armament, missile systems, explosive powder, armoured vehicles and other equipment. ZF