The Comnord Bucharest construction company posted turnover worth 14.2 million euros in the first quarter of 2008, some 7.4 percent compared to the same period last year, due to higher revenues from sales, according to a release sent to the Bucharest Stock Exchange (BVB).
The company, which is building the Baneasa real estate project in northern Bucharest, is listed on BVB’s electronic Rasdaq market.
Due to lower expenditures, the company’s net profit rose 52.6 percent year-on-year, up to 2.1 million euros, according to its financial report.
The company’s share capital amounts to some 1.1 million euros. Its main shareholder is Comnord’s general manager Sorin Creteanu, with a 54.22 percent package. Another important shareholder is the Cyprus-based Naveco Limited, with 31.35 percent of the shares.
By the end of May 9 trading session, Comnord shares were worth 11.1 lei (3.03 euros), leading its market capitalization to 118.4 euros million.
Comnord’s main competitors are Bouygues, Heberger, Summa, and Ozer Constructions on a market estimated to be worth some 13 billion euros, with 25-30 percent annual growth.