At the same time, profit dropped by almost three quarters, to RON0.5 million (a little above EUR100,000) and the number of employees fell to 575, from 646 in 2012, according to Finance Ministry data.
PA&CO International is one of the best-known Romanian-held builders, being involved in time particularly in construction or road rehabilitation projects. The most important contract PA&CO International has carried out on the road infrastructure segment is the construction of Moara Vlasiei-Ploiesti highway section, in partnership with Spedition UMB (controlled by Dorinel Umbrarescu) and Euro Construct Trading 98 (Dan Besciu and Sorin Vulpescu). The value of the project revolved around EUR296 million.
The company was only involved in the construction of Pipera passageway of Bucharest, a contract worth around EUR33 million.
The company’s representatives did not provide information on financial results by edition close.
PA&CO International was severely hurt by the crisis, so that in 2010 the company’s revenue halved on the year, reaching some EUR26 million and the company went into the red. 2011 brought a turnaround, with revenue climbing to almost EUR61 million, with a 10% profit margin. After that, the company’s revenue and profit started falling.
The other builders present in Romania that announced their 2013 financial figures also saw declines against 2012.
(English version by Catalina Apostoiu)