Semrom to sell land

Semrom Muntenia, a farming company controlled by SIF Muntenia, has decided to sell two plots of land in two cities, with the buildings on the sites. The first plot has some 32,000 square metres and is located in the industrial area of Ploiesti. The second plot has over 6,500 square metres and is located in Baia, Tulcea County. “We are selling them because we don”t need them any longer,” said Vasile Pana, the general manager of Semrom Muntenia. The decision to sell the assets may possibly stem from the wish expressed by the Semrom management to improve the financial situation of the company, in which one of the measures intended to help achieve revenue growth was the sale of company”s assets, the company”s financial report says. A number of companies, including Policolor, Upet and Loulis, have put unused property up for sale over the last twelve months in order generate extra revenue. Semrom made net profits of 2.32 million RON (630,000 euros) in the first half of this year, 40.5% down on the same period last year. The fall in profits was largely due to a drop in sales, with turnover in the first six months falling to 9.06 million RON (2.5 million euros), 42% lower than for the six months of 2004. ZF