Comvex Constanta relies on its client portfolio to battle crisis effects in 2009

 

The firm’s net profit surged by an annual 90 percent in this year’s first three quarters, to RON 23.76 mln (€6.5 mln), according to a company statement sent to the Bucharest Stock Exchange (BVB).

Panait said that the impact of the economic crisis on the operator’s current activity will not be felt before the first quarter of 2009, due to the company’s client portfolio and the nature of its field of activity.

“We, as service providers, will be among the last to feel the effects of the crisis, so we are considering a possible drop for 2009, probably in January-February,” added Panait.

The company’s total revenues soared 109 percent in the January-September 2008 period, to RON 113.69 mln (€29.61 mln), while expenses surged 111 percent, to RON 83.31 mln (€21.7 mln) year-on-year.

Comvex’s main shareholder is Bucharest-based Solidmet, with a 53.94 percent package, while Expert Placement Services Limited owns a 35.69 percent share.