Romania Feed

Comcereal Tulcea (CTUL.RO), which stores and sells agricultural products, on Friday reported a turnover of RON29.6 million for the first nine months of 2020, down 42% on the year, and its loss deepened to RON1.76 million from RON1.12 million.

Germany’s Metro is trying again after two years to sell its real estate portfolio in Romania. The group seeks to sell and lease back the space of nine stores in its network, to streamline operations and secure cash.

The eight hotels of the Continental Hotels chain may close as of December 15, says CEO and chairman Radu Enache. The decision comes amid a significant decline in the revenue of the hotel company.

The deal European giants Deutsche Telekom and Orange have been negotiating over consolidation of their operations in Romania is one step away from an official announcement: Romtelecom, the fixed service division of Telekom Romania, will be acquired by Orange Romania.

Industrial abrasives manufacturer Carbochim Cluj Napoca (CBC.RO) ended the first nine months of 2020 with a net profit of RON1.3 million, up 286.6% year-over-year, and total revenue of RON24.8 million, down 7.8% year-over-year, per calculations by Ziarul Financiar (ZF) based on Carbochim's quarterly report published on the stock market Thursday.

The European Commission’s autumn 2020 economic forecast projects that the euro area economy will contract by 7.8% in 2020 before growing 4.2% in 2021 and 3% in 2022.

Romania's economy is expected to contract by 5.2% in 2020, followed by 3.3% growth in 2021 and 3.8% in 2022, according to the European Commission's autumn economic forecast released Thursday.

Romania's transport ministry and subway company Metrorex have signed a financing contract for a 14.2 kilometer subway line linking the existing underground network to Bucharest's international airport.

Construction material producer TeraPlast Group (TRP.RO) has requested state aid of around EUR5.8 million for a project totaling nearly EUR12 million within a state aid scheme aiming to stimulate investments with high economic impact.

Deloitte Romania launches Digital DNA, a solution for assessing companies’ level of digital maturity based on 23 characteristics that define their structure, operations and behavior. Digital DNA addresses mainly SMEs and can be a starting point in setting the digital transformation strategy. The solution is based on a methodology created by Deloitte’s global network of experts based on extensive research conducted by analysing hundreds of studies and articles in the field.

Retail sales in Romania grew 0.4% on the month in September and 1.7% when adjusted for seasonality and number of working days, as sales of non-food items grew 5.3%, fuel sales dropped 3.1% and food sales dropped 3%, data from the country’s statistics institute showed Thursday.

Bacau-based PVC trim, window rolling shades and garage door manufacturer Electric Plus now has 43 franchised Barrier stores in Romania, after having closed two in the past month. It is also due to close the franchised store in Sibiu, as well, soon.

BRD Groupe Societe Generale (BRD.RO), the third largest bank in Romania by assets, on Thursday reported a net profit of RON719 million, for the first nine months of 202, down 43% on the year.

Romania’s banking system, the main lender of Romania’s economy, posted almost 4.5 billion lei net profit in the first eight months, while lending increased by 5.4% on average, Romania’s central bank data show.

Intesa Sanpaolo Romania, the local subsidiary of Italian Intesa Sanpaolo Group, reported a net profit of EUR4 million in January-September 2020, fourfold lower than ERU17 million in the same period in 2019, per data released by the parent bank in Italy.

Romania’s Financial Supervisory Authority (ASF) has approved the public offering document for the repurchase of shares and/or global depositary receipts (GDRs), with investment fund Fondul Proprietatea (FP.RO) seeking to buy 165 million own shares at RON1.39 per unit.

Romania's state-owned natural gas producer Romgaz Medias (SNG.RO) on Wednesday said the Ministry of Economy, Energy and Business Environment transferred RON115 million for investments in the company’s electric power plant in Iernut.

Audit and consultancy company KPMG Romania has appointed four new directors in Audit, Tax & Legal, and Advisory. Starting November 1, 2020, Adina Banici and Alexandru Chirigiu have become Associate Directors in Tax & Legal, while Lorena Voicu has been appointed Director in Audit and Gheorghe Vlad Director in Advisory.

The number of real estate deals in Romania stood at 83,675 in October 2020, 35.107 more than in September 2020, and 25,341 more than in October 2019, according to the national cadaster agency ANCPI.

German-held discount grocery retailer Lidl is opening a new store in Alba Iulia, central Romania, reaching 280 stores on the local market.