Montero sees moderate growth for 2003

Montero, one of the top five drug distribution companies in Romania saw a 10% growth in turnover, bringing it to $53.6 million last year. In comparison to a total growth rate of over 10% in the drugs market as a whole, the company made only cautious progress, partly due to the depreciation of the dollar against the euro. It was also seriously affected by arrears owed to the company across the health care sector. If calculated in euros, the market remained at 600 million euros. "One must bear in mind that in September 2004 hospitals will still be paying debts to Montero that they accumulated in 2002. This made our company embrace a cautious strategy," Montero's general manager Radu Tudorache explained. ZF< /P>