Samus Mex of Dej and Ilefor of Targu Mures, two of the main furniture factories in the Mobexpert group, have decided not to pay any dividends this year, choosing instead to reinvest their entire net profits, the two firms announced on the RASDAQ web site.
"Additional investment is needed in the years ahead of European Union accession," said Mihai Gadei, chairman of Samus Mex.
Investment last year by Samus Mex to renew its product range cut back its net profits to a mere 2 billion ROL (50,000 euros), coming after net profits in the region of 1 million euros the year before, from which it also paid dividends.
Samus Mex''s turnover last year amounted to 13.5 million euros, slightly higher than in 2003.
In 2005 the company plans to achieve net profits of 3.6 billion ROL (100,000 euros) from total revenues of 518 billion ROL (14.4 million euros).
Samus Mex is controlled by Dan Viorel Sucu, the founder of the Mobexpert group, through his 63.4 percent stake.
Ilefor Targu-Mures last year generated net profits in the region of 12.5 billion ROL (about 300,000 euros) from total revenues of 383 billion ROL (9.4 million euros). Unlike Samus, the Targu Mures factory ended the year with 60 percent higher profits.
"With regard to profits derived in 2004, the shareholders decided not to distribute them in the form of dividends, but to use them for investment," reads the statement the company sent to the RASDAQ electronic stock exchange. The Ilefor factory has over 800 employees and its main shareholders are Mobexpert Group (30 percent), Mobexpert chairman Dan Viorel Sucu (18.18 percent) and the Broadhurst investment fund (7.25 percent).
Mobexpert is one of the most important furniture manufacturers and retailers in Romania. The group also has other factories, such as Modulo Mex, Confo Mex, Ergo Mex, Mobexpert Prod, Moldo Mex and Stratus Mex.
georgiana.stavarache@zf.ro
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