IMSAT lowers turnover estimates to €100 mln

According to IMSAT officials, the company has not so far been impacted by the international financial crisis, and attributes the lower turnover to the delay of several projects that are to be finalized next year.

“We were not impacted by the crisis because we are not listed on the stock market. We have several projects abroad, and our operations on the real estate market, most affected, are lower. However, IMSAT has deals with solid companies and growth above 15 percent is significant,” the company’s General Manager, Stefan Varfalvi, said. “Our target for the coming years is to maintain annual turnover at €100 million, with a 5 percent profit margin, even amid the crisis,” he added.

Construction companies will face problems related to financial markets, leading to lower investments in the coming period, while a lack of liquidity in the banking system will lead to corporate financing difficulties, according to Varfalvi.

“Banks will be more cautious granting loans, while companies will have difficulties securing financing for their investments This will happen even as of this year,” he added.

IMSAT’s ongoing contracts are worth some €150-160 million. Main projects involve the production of electricity and signaling systems on the Corridor IV railroad, participation in the construction of the Cemex factory in Latvia, and electrical and sanitation installations at the Sun Plaza commercial complex in southern Bucharest.