Omnilogic: All revenues to be deposited

„We have chosen this option because we consider this best for the time being, as the current period is a poor one for investments. We are presently making deposits in several banks, in a variety of currencies, for a period ranging from six months to one year,“ according to a declaration during an interview for Business Standard by Gabriel Marin, General Manager of Omnilogic.
Similarly, the company has not paid out dividends for over one year, and marketing expenses have been reduced sharply. Last year’s marketing budget amounted to some €0.5–1.7 million, or about 60 percent of that in 2007.

The 2009 marketing budget is estimated to make up some 10–15 percent of last year’s. Omnilogic spends some €0.8–0.9 million every month on operational expenditures, of which 40 percent make up mortgages, interest and installments, and 30 percent are salaries and utilities. „The paradox is that in spite of the EURIBOR dropping sharply, our comercial loan has not risen very much. However, what has jumped is our mortgage. But our policy was not to contract long-term debts,“ added Marin.
Omnilogic has a $3–4 million overdraft on turnover worth $170 million, according to the company’s General Manager.