Daewoo Automobile Romania (Daewoo Automobiles Romania), the second largest local carmaker posted turnover of over 762 million RON (over 210 million euros) last year, a slight drop against 2004. The company went into the red in 2005 (171.7 million RON or 47.4 million euros) after having posted 160.8 million RON (almost 40 million euros) in profit in 2004, according to an announcement published in the Official Gazette. Daewoo sold almost 17,800 vehicles in the first nine months of this year (an approximately 6% increase against the previous year, but less than a third of the overall growth pace of the car market), according to statistics of the Association of Automotive Manufacturers and Importers. Company representatives could not be contacted to comment on the results. Daewoo Automobile Romania has gone through a rather difficult time in the last few years, after the majority shareholder, the Korean group Daewoo, went bankrupt. Moreover, the American group General Motors, which acquired part of Daewoo's assets, did not show an interest in the Craiova-based plant, which increased doubts over the future of the plant in Romania.
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