Summa Romania predicts turnover worth 40m euros

Summa Romania, the domestic branch of Summa, a Turkish construction company, forecasts turnover worth around 40 million euros for 2006, 150% higher year-on-year, company officials say.

“Last year, we focused more on the company”s management and we got involved in a single important project, Bucharest Corporate Center, whereas this year we will concentrate on four big projects,” Gabriel Grosu, a business development assistant with Summa Romania, told ZIARUL FINANCIAR.

Until 2004, Summa operations in Romania were run from the central headquarters of Ankara.

The company last year saw turnover drop to 16 million euros, half the value posted at the end of 2004.

Summa developed the 16m-euro Bucharest Corporate Center project in a partnership with the Cyprus-based Bucharest Corporate Center SRL firm. Subsequently, Immofinanz, an Austrian investment fund, purchased the office building last year, in a deal worth around 26.5m euros.

“For 2006, we estimate our turnover will reach 40 million euros since we will have our own investment projects as well,” added Grosu.

“The company will this year handle two investment projects in two residential complexes in Bucharest, one in Lacul Tei district and the other in the Gara de Nord area, with a total area of around 70,000 square metres.

Moreover, the company will be involved in the construction of the North Gate Business Center, which will comprise two Class A office buildings, as well as in the construction of Millenium Business Center, the tallest metallic structure in Romania, according to the company”s representatives.

Each of these projects is worth about 18-19 million euros. “We are only interested in projects worth more than 10 million euros. We are also interested in public-private partnerships in the energy sector, hospitals and residential complexes,” specifies Grosu.