TMK-Artrom expects 42% higher business

Steel pipes maker Artrom Slatina (ART) has budgeted 742 million RON (212 million euro) turnover for this year, an increase of 42% on 2007. Company representatives estimate the profit will go up by 36% to 29 million RON (8.3 million euros). Artrom’s business last year went up by 55.4% to 522.5 million RON (156.6 million euros), but net income fell to one third of the previous year, and reached 21.4 million RON (6.35 million euros). The decline in profit was the result of accounting losses, caused by the reassessment of debts, as a result of the depreciation of the RON against the main international currencies, after it followed a completely different trend on the monetary market the year before. The management decided to use almost the entire 2007 profit for investments in its operations, which are set to reach 33 million RON (9.4 million euros).