Hidroconstructia drops 20%

Hidroconstructia, one of the largest companies on the Romanian construction market, estimates to have posted some 110m euros in turnover in 2003, down about 20% in euros, which was mainly caused by the difficult weather conditions in Q1 last year. "Turnover decreased in real terms as a result of the situation in the first quarter. The gross profit rate maintained at 6% of the turnover last year, whereas the budget had scheduled a 5.5% level," Emil Timofti, general manager of Hidroconstructia SA, told Ziarul Financiar. He added the company's budget for 2004 would be endorsed in April. ZF