Silvarom sees decline

Silvarom Bucharest, one of the main domestic manufacturers of furniture, anticipates approximately 55.9 million RON (15.5 million-euro) turnover for this year, down from the 58.9 million RON (14.5 million euros). "The appreciation of the RON/EUR exchange rate and the unfavourable economic climate made an impact on Silvarom''s sales," Ioan Marginean, Silvarom''s financial manager stated. The company''s gross profits followed the same unfavourable trend, going down by about 50% from 2.6 million RON (660,000 euros) to 1.4 million RON (411,000 euros). "We blame the reduction of Silvarom''s profit on the decline in demand for furniture on the domestic market, and the shift of consumption towards food products," Marginean explained. ZF