Condmag defies crisis, revises upwards profit projection

Condmag Brasov (ticker: COMI) pipeline construction company said it had revised its projection for revenues for 2009 to 53% above year-ago levels and for after–tax profit to 55% above a year earlier. In April, the pipeline contractor was expecting its year-end gross profit to hover near 13 mln lei, 23% up from 2008.

In first six months 2009, Condmag reported an after-tax profit of 11.29 mln lei, 75% more compared to the same period of last year, and surpassed its previously set target.

“We had a good performance throughout the third quarter as well, and current estimates for Jan-Sep indicate 190 mln lei in revenues, up by 82%, and net profit of 15 mln lei, up 66%”, the company said in a press release remitted to Bucharest Stock Exchange.

The company said the cost-containment and quality improvement measures had been the growth engines so far.

“Affiliation to Dafora has brought us lower acquisition prices due to the group-wide acquisition policy. Negotiations now involve larger volumes compared to individual, case-by-case negotiations, and subsequently lower prices”, said Alexandru Tatar, managing director of Condmag.

In the coming period the management team will devise a new investment strategy for 2010, which will remain focused on efficient use of cash flow, depending on the company’s future business priorities.

“In the first quarter next year, the company will put in place an investment process aimed at providing us with a safety net from technical point of view including for large projects, like Nabucco”, said Alexandru Tatar.

On a long term, Condmag aims at keeping its leading position in the local pipeline construction market, while achieving a healthy growth for its shareholders, clients and partners coupled with a coherent internal human resources policy.

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