Sitindustrie to double turnover

Sitindustrie Romania SA Aiud, a wholly Italian-owned company specialised in steel casting, estimates its turnover will double to 4.5 million euros in 2004, compared with 2.35 million euros in 2003. The company estimates it will make net profits of 100,000 euros this year, in contrast to the losses seen in 2003 caused by the penalties it was forced to pay for falling behind with the payment of taxes to the state budget. “Last year we were in the red because our main purpose was to invest and diversify the market. We already have a plan for 2005, in which we predict our turnover will be 7 million euros, nearly 70% higher than this year,” said Sitindustrie’s technical director Constantin Asprescu. Sitindustrie came out fourth in August’s ranking of the top 40 trading companies in terms of foreign contributions to the capital subscribed, which was worth 2.5 million euros. It invested 350,000 euros this year, 275,000 of which were spent on equipment and infrastructure. Sitindustrie exports more than 50% of its output to Italy, Germany and France, with the remainder being sold domestically. ZF