Cigarette producer JTI Romania saw turnover grow 57% in 2003 compared with the previous year, to 154.4 million euros. "We concluded 2003 with encouraging results, which give us reason to hope for a rebound after the losses we've had in the last few years," Gilda Lazar, JTI Romania's corporate affairs director told Ziarul Financiar. JTI Romania's turnover in 2002 amounted to 98.6 million euros and investments stood at some 20 million euros. The company was the third-largest cigarette maker in Romania last year. "As far as our market share is concerned, we gained 4% from 2002, which is a very good performance. We intend to achieve even higher growth this year," Lazar says. She explained the factors that negatively influenced the cigarette market last year included the legislative volatility and the increase in cigarette excises by 3 euros. "The tobacco industry in 2003 was affected by the euro growth, as well, since this is the currency used to calculate excises," Lazar says. JTI's official added the instability surrounding Societatea Nationala Tutunul Romanesc (National Romanian Tobacco Company - SNTR) did not benefit the multinationals but the small domestic players. ZF
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