Energomontaj, one of Romania's main suppliers of energy services and equipment, ended last year with revenues worth more than 2,900 billion ROL (about 77.2 million euros), close to the previous year's levels, according to the company's preliminary financial results.
In euros, the Energomontaj results posted a 17% drop, due to the strong appreciation of the European single currency.
The company's shareholding structure has been recently modified, the stake held by the Association of Energomontaj Employees rising to 3.5% after the association took over more than 2% in the company from the Privatisation Authority (APAPS), the rest of stock being held by several natural persons. The value of the deal was not made public.
"The net profit rate stood at 2.91%, slightly above the rate of the previous year. In 2003, total revenues came close to the revenues posted during the previous year and we cannot forecast any growth before the market recovers. We are expecting the energy sector privatisation deals," Florin Kessler, chairman of Energomontaj Board, told Ziarul Financiar.
The transfer into private ownership of certain distributions of energy, gas, and energy producing capacities, all of which had an obsolete infrastructure, is expected to trigger a surge in the orders aimed at energy services and equipment suppliers.
The Romanian market of the energy services and equipment is worth 500 million euros annually according to some estimates. Energomontaj competes against TMUCB, IMUC, Electromontaj, as well as international suppliers such as ABB (a Swiss-Swedish group), Alstom (France) or Siemens (Germany).
The company is one of the main sub-contractors of Va Tech group for the works linked to the technological upgrade of hydropower stations Portile de Fier I and II, worth more than $279 million.
Moreover, the company is also present on foreign markets. "Exports accounted for 4.5% of the company's revenues, as part of the Energomontaj output is going to Germany, Portugal or the Nordic countries," Kessler specified. adrian.mirsanu@zf.ro
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