The first 20 companies to announce their half-year financial data have seen their turnovers up, most of which are major exporters (Automobile Dacia, Elvila) and service providers (MedLife, Perfect Tour, Fan Courier, Iaki hotel in Mamaia), show data centralized by ZF.
The European Bank for Reconstruction and Development (EBRD) on Thursday upgraded its economic forecast for Romania, from 1.8% to 1.9% for this year, but the results should also be reflected in the performance of large companies.
“The signals we have been receiving from companies are mixed and it’s hard to generalize: there are sectors where there is no growth, but the leaders of these markets manage to make their mark, there are other sectors, such a that of medical services, where everybody grows, but from a very small basis, and there are yet other sectors which rely significantly on exports – they continue to be driven forward by Western markets,” comments Codrut Pascu, managing partner of Roland Berger consultancy.
Businessman Viorel Catarama, owner of Elvila, which exports 40% of its furniture production, reported a 5% revenue growth, while exports rose 8.5%. ZF estimates point to a nearly 30% revenue rise for Automobile Dacia thanks to sales of the Duster model (which costs twice as much as the Logan), despite the slight production decline of 3% in the first half of the year.
Food retail also came with positive data, with French-held
Carrefour, leader of the hypermarket segment, seeing its sales up
3.9% in the first six months of the year, while the leader of the
DIY market, Bacau-based Dedeman announced halfway through the year
it was on schedule to see a 10% rise in sales this year.
A number of companies in sectors such as electronics and home
appliances retail have, however, withdrawn into a shell, in the
crisis years and provide very little information on the progression
of their financial results.
“It’s hard to conclude that the entire economy will perform well, considering that the sectors that rely on domestic consumption continue to be either in negative territory or flat. The market is fragile especially when it comes to the purchase of goods considered expensive,” added Codrut Pascu, referring to electronics and home appliances retail, as well as to the real estate and the car market, with home construction still struggling to recover.