Sanex sees $35.5m sales in 2003

Sanex Cluj-Napoca, one of the leading domestic tile and sanitary-ware makers posted $1.5 million net profit in 2002, while turnover reached $36.1 million. It estimates sales to reach $35.5 million this year. The indicators are calculated according to the International Accounting Standards IAS 29 and expressed in line with the purchasing power on December 31, 2002 (33,500 ROL/USD). The company needs to attain a number of goals to make its operations efficient. To that end it has already announced plans to lay off some 30% of its personnel by yearend and to invest three times more than last year. All this and a $1.9 million net profit in 2003 compared with the $1.5 million in 2002 have to be attained under the increasing competitive pressure from the other major domestic producers – Cesarom Bucharest and Mondial Lugoj and from the foreign companies. The increase in imports of faience and grit stone especially from Italy and Spain, following lifting of the customs barriers has added new pressure on the domestic producers and pushed prices down accordingly. ZF