Romanian Altex revises estimated turnover down by 30m euros

The largest electronics and home appliances retailer on the local market, has downwardly revised its estimates for this year's turnover to 400 million euros, after, at the beginning of 2008, the company forecast turnover worth 430 million euros, up 37%.

 "The revision comes as a result of
the new provisions made by the NBR (National Bank of Romania) on
limiting the credit risk, and amid the European financial crisis,
which has already had a negative impact on the majority of countries
and will be felt in Romania in the coming few months," said Dan
Ostahie, president of Altex.
In the first six months of the year,
the company opened six new stores, whilst the retail area increased
17% and reached 92,500 square metres, in the wake of a 4 million-euro
investment. The projects that will start operating in the second half
of the year will require investments worth 7 million euros.
In
the first six months of the year, Altex reported a 47% turnover
increase, to 170 million euros, while the market advanced 20% against
the first half of 2007.