At the same time, net profit declined by a third, to RON0.9 million (EUR0.2 million), according to Finance Ministry data.
Straco Grup company, which in 2012 became the largest Romanian-held builder by revenue, had an average of 587 employees last year, almost 230 fewer than in the previous year. The headcount drop came as the builder in 2013 completed two extensive projects it was carrying out together with other builders, namely Deva-Orastie and Orastie-Sibiu highways, with an overall value of almost EUR300 million.
Straco Grup representatives did not answer ZF’s request for information behind the revenue decline and layoffs in 2013 by edition close.
Set up in 2003, Straco Grup started out by sealing contracts with Bucharest district city halls and got from revenue of EUR578,000 in 2003 to almost EUR196 million in 2012 and EUR140 million last year. While revenue has increased in recent years, not the same thing can be said about profit: this reached EUR0.2 million in 2012, from EUR6.5 million in 2008.
Straco Grup is held by Alexandru Horpos (37.5%), Traian Horpos (27.5%), Vlad Ionel Vamesu (20%) and Ioana Daniela Neacsu (15%). Very little is known, though, about the company’s shareholders. What is known is that Straco Grup has been among the most dynamic builders in Bucharest.
The company’s upward trend during the crisis allowed it to acquire, in 2009, Genesis International company of Bucharest. At that time, Straco Grup’s officials did not provide many details on the purchase, either.
(English version by Catalina Apostoiu)