Railway equipment manufacturer Vae Apcarom Buzau posted net profits of 22.7bn ROL (562,000 euros) for last year, down 65% compared with results one year before. Apcarom's turnover for 2004 was 329.7bn ROL (8.1 million euro), representing a fall of 23.8% from 2003. The results were lower than budgeted for in early 2004, when the company estimated it would make 69.4bn ROL (1.7 million euro) in net profits and a 479bn ROL (11.8 million euro) turnover. The decline was due to the fact that CFR, Apcarom's main client, postponed its annual order. "We signed the contract with CFR for the annual order as late as the end of August, meaning that revenues were largely derived from sales to foreign markets," explained Vintila Mocanu, Vae Apcarom's general manager. Apcarom also had an 800,000-euro order for tramline equipment in Bucharest. ZF
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