Transilvania Constructii derives three times higher profit

The net profit of Cluj-Napoca-based construction company Transilvania Constructii climbed 274% last year, from 3.1 million RON in 2006, to 8.5 million RON (2.5 million euros) due to the rapid development of the real estate market. Turnover went up 97%, from 34.4 million RON to 67.8 million RON (20.3 million euros). At the end of last year, Transilvania Constructii posted debts worth 33.9 million RON (10.1 million euros). This year, the company’s management plans to erect two blocks of apartments in the centre of Cluj-Napoca, a project worth 14 million euros in total. According to recent reports, the company’s chairman, Mircea Timofte, and his wife hold 61.5% of shares, financial investment company SIF Banat-Crisana – 18.42% and The State Assets Resolution Authority (AVAS) – 4.42%.