Car industry rebound drives up Compa turnover

Compa Sibiu (CMP), a producer of parts for the automotive industry, reported turnover worth 80.7m RON (19.6m euros) in the first quarter, 64% above the level of the first quarter of 2009, and 12% above the budgeted level, according to the data submitted to the BSE. Turnover growth came mainly as a result of exports, which climbed by 67%, and the weight of exports in turnover went up to 84%. "The gradual recovery of the car industry in European and even worldwide registered in the second half of 2009 had an indirect impact over Compa's orders as well, with their increase becoming visible since 2009 continuing in the first months of 2010, particularly in relationship with Bosch and Delphi partners," say the company's representatives. They also say most orders made the company revert to the five-day week work schedule, after the company worked four days a week almost during the entire 2009. At the same time, the company in the first quarter no longer sent personnel in technical unemployment and resumed its investment programme, finalising works worth almost 3.9m RON. Despite turnover increase, the operating result was significantly lower than last year's and than the budgeted level, at around 0.8m RON.