"Hidromecanica" Braşov lowered its losses by 85%

The company "Hidromecanica" Braşov has lowered its net losses by 85%, from 7.198 million lei to 1.082 million lei, as its net turnover has dropped by almost 50%, from 8.374 million lei to 4.524 million lei.

The operating revenues increased almost six times during the reviewed period, from 9.953 million lei to 59.208 million lei, after the company sold the assets located in the Civic Center of Braşov. At the same time, the operating expenses increased just 3.5 times, from 16.865 million lei to 59.790 million lei.

The management of the company claims that the unfavorable economic environment has caused its sales to drop by half. The total debts dropped 38% YOY at the end of September 2010 to 76.671 million lei, from 122.522 million lei at the end of Q3 2009.

In the month of July, The General Department of Public Finance foreclosed on the assets of the company which were located in the Civic Center of Braşov, for an amount of 54 million lei. The assets in question were bought by the company which operates the Cora/Mega Image chain.

The company Provera Rom, which was involved in the transaction, has as shareholder a Dutch company registered in Rotterdam, Delparro BV, managed by the same person that is the manager of România Hypermarche. Besides, the Dutch vehicle, Delparro, has obtained control of the Cora hypermarket chain, for several months, from the Belgian group Delhaize, which also holds the Profi and Mega Image supermarket chains, as well as other real estate businesses in Cluj and Bucharest.