Kvaerner IMGB out of the red?

Although it took five years from privatisation, IMGB Bucharest held by Anglo-Norwegian Kvaerner Group could end the year loss-free or even with a small profit. Also starting this year the company management mainly comprises Romanians. A turnover beyond the $20 million threshold would help IMGB dodge losses this year. Its S&R budget anticipates $21 million turnover for 2003, but the company management is even more optimistic now than it was early in the year. "$25 million as 2003 turnover seems possible to attain," Niculae Sianu, IMGB sales manager, said. The company posted operating revenues worth only $13.5 million in 2002, below the breakeven point, estimated to $19 million. The losses last year reached $4 million, half the losses in 2001. The contracts concluded last year, however, were worth more than $20 million. By the end of the year, IMGB could have more than $25 million in export contracts signed. The most important contract closed so far is worth $6 million and will be carried out over the next nine years. ZF