Semanatoarea hit by slow year

Agricultural plant and equipment maker Semanatoarea Bucharest concluded 2003 with 5.3 million-euro turnover, down 11% from the previous year when it made 5.95 million euros. Estimates for this year point to 6.3 million-euro sales and 550,000 euros in operating income. The operating income was worth 350,000 euros last year compared with 120,000 euros in 2002. “Last year’s results were affected by the unfavourable conditions on the farming equipment market, induced by poor results in the farming sector for the second year in a row,” said Dorinel Cazacu, Managing Director of Myo-o SA, Semanatoarea’s majority shareholder. Most of the revenues were derived from sales of combines and harvesting equipment. ZF