Catarama, happy even with 12% sales decline

The Elvila group, controlled by businessman Viorel Catarama, recorded a "slight" sales increase in the third quarter of the year, a trend that could be preserved until the end of 2009. "In the second half of the year, thanks to the promotional campaigns for discounts on certain categories of products, we recorded a slight increase in sales," Elvila representatives said. Promotional campaigns were in fact a lifeline for other companies, as well, in industries hit by the crisis, such as the auto industry, where some players say they could not have sold anything had they not offered discounts. Third-quarter results come after the group's sales fell by 12% in the first half of the year, double as much as originally expected. The main reason behind this decline is the blockage on the real estate market prompted by the rein on the lending market, as well as by the "end clients' lack of faith in the economy's development in the near future. " Last year the group posted turnover worth 115 million euros, while the worst case scenario for 2009 provides for a 15-20% decline, which would bring sales to less than 100 million euros.