Altex registers growth above household appliances market

He said the largest sales growth was registered in IT&C and LCD screens segments.

The company posted turnover worth €56.5 million in Q1 2007, 13 percent higher year-on-year.

The local IT&C, electronics and house appliances market is worth some €1 billion and is expected to reach €1.5 bln by 2010. The most important companies are Altex, Domo, Flamingo and Teknosa-Primex.

Altex posted turnover worth €317 million last year, 50 percent higher year-on-year and, estimates over €430 mln in business this year, 35 percent higher on 2007. The company operates 73 Altex stores and 15 Media Galaxy stores and plans to invest €25 mln this year to increase its selling area.

Altex is the major shareholder in IT equipment producer Complet Electro Serv, logistics and distribution company Altex Distribution and real estate company Cometex SA. The Altex group includes personal loans company Credex, where 30 percent of shares are owned by Raiffeisen Bank.