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Altex reports 170M euros in H1 2008 turnover

Altex Romania has reported 170 million euros in turnover in the first six months of 2008, up 47 percent from H1 2007, reads a press release issued by the company.

The retail market advanced by around 20 percent in the first half of 2008 compared with H1of 2007, the source says. The value rise was caused by changes in the manufacturing and technology used for each product, which led to the migration to better performing products of higher value: laptops have replaced desktops, and LCD or plasma TV sets have replaced CRT sets, says Altex Chairman Dan Ostahie. The company's investment budget was worth 4 million euros in the first half of the year and the projects to be completed in the second half of the year are expected to reach 7 million euros. The second half of the year will certainly be influenced by the new provisions of Romania's Central Bank (BNR) limiting loan risks, namely through diminishing the credit levels, with both direct effects - a drop in home sales , and indirect ones - a curbing in consumption of durables, Ostahie believes. On the background of these tendencies, Altex Romania has downwardly adjusted its turnover for the current year, from 430 million euros to 400 million euros. Altex Romania tops the Romanian retail market for of household appliances, IT&C and multimedia products. The company's commercial surface covers about 90,000 sqm, divided among 65 ALTEX stores and 18 MEDIA GALAXY ones. Altex offer include products with LOWEST PRICES IN ROMANIA, while MEDIA GALAXY has the MOST VARIOUS PRODUCT RANGE. ALTEX ROMANIA holds shares in the following companies: Complet Electro Serv, manufacturing IT equipment, Altex Distribution, the logistics and distribution company, and Cometex SA the real estate company. ALTEX Group also includes Credex giving consumer loans where Raiffeisen Bank holds 30 percent of the stocks. ALTEX ROMANIA has topped the Romanian retail market starting 2003, and its market share recorded 28.8 percent at end-2007, which made the company rank far ahead its main competitors. Sursa: http://www.rompress.ro

Tags: altex million romania turnover euros bnr

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