SEWS posts over 31.7m-euro turnover in Q1

Sumitomo Electric Wiring Systems (SEWS), a producer of wiring for the automotive industry, posted an over 31.7 million-euro turnover in the first three months of this year, an increase of 12% on the same time last year, when it registered a turnover of 28.5 million euros. “We saw this trend despite unfavourable conditions, such as the heavy increase in the cost of raw materials, as well as the continuous artificial appreciation of domestic currency,” Florin Ionut, administrative and financial manager of SEWS Romania, told ZF Transilvania. He added that another problem the company was facing was the current shortage of labour. “The labour market is currently overwhelmed with demand, and a solution to this problem could come from the authorities, for example the liberalisation of the labour market. This would enable the temporary employment of a workforce from neighbouring countries, where there is available workforce,” specified Florin Ionut. The management estimates the company will witness a turnover exceeding 100 million-euros this year, a stagnated figure in comparison with 2006, after the company recorded a consistent 60% plus increase between 2002 and 2005. The company posted a 107 million-euro turnover in 2006, up 12% on 2005.