Sorin Crețeanu, one of the most discreet domestic businesspeople, had in September 2007 become one of the wealthiest owners of companies on the Stock Exchange, with the construction company he controls, Comnord București (COSC) being valued at that time at over 350m euros.
At present, the entire company, in which Crețeanu directly holds around 54%, is worth 4m euros on the Bucharest Stock Exchange, with the stock trading at six-year lows. The BSE’s plunge in 2008, as well as the plummeting construction sector, especially on the housing segment, which at the end of last year hit new recent years’ lows, are to blame.
Comnord turnover dropped to 5 million euros in the first nine months of 2010 against 2007, when the company registered record revenues of above 80m euros.
Despite the strong turnover contraction, on the suspension of some projects, the company holds important assets, which are likely to regain investors’ attention at the moment the real estate sector signals it is picking up.

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