Vrancart turnover stays at $14m

Vrancart Adjud, one of the leading corrugated cardboard and toilet paper makers in Romania, posted 471.3bn ROL ($14.26 million) turnover in 2002, up only 0.6% from the previous year. Vrancart had logged 412bn ROL ($14.17 million) turnover in 2001.
“Vrancart estimates to make approximately 570bn ROL turnover ($15.32 million if calculated at an estimated 37,200 ROL/USD average exchange rate – i.e.) and 60bn ROL in gross profit,” general manager Dan Simionescu told Ziarul Financiar.
Gross profit in 2002 amounted to 54.2bn ROL ($1.6 million), while net profit reached 45.5bn ROL, compared with 40.1bn ROL in 2001. Total revenues were worth 480.7bn ROL, with total spending amounting to 426.5bn ROL, according the preliminary results announced by the company. Commodity output in current prices went up 14.4% in 2002 compared with the previous year, Simionescu added. “Out of the total 471.3bn ROL turnover, exports account for 11.7%, that is 55.3bn ROL (some $1.7 million),” Vrancart general manager said.
Vrancart did not overlook the domestic market in 2002, so that it came to account for 39% of the Romanian toilet paper market and for 16% of the corrugated cardboard market by the end of last year, as explained by Simionescu
“Vrancart has posted significant growth over the last few years and has become the number one domestic toilet paper producer; at the same time, it has managed to cope with the competition on the corrugated cardboard market,” the company official said. “The most important goals of the company are increasing its share of the domestic market and gaining new export outlets. Vrancart cannot possibly boost competitiveness of its products unless it uses state-of-the-art technology and equipment. This prompted it to launch an investment programme worth approximately $8.5 million last year. The programme is scheduled for completion in 2005 and aimed at retooling the productive capacity and purchase of new equipment,” Simionescu concluded.