Romanian Enol Grup Bucuresti Sees ’11 Sales Up 18% YY, To RON70.8M

04.15.2011 By Andrei Circhelan

Romanian Enol Grup Bucuresti on Friday said it expects sales to rise 18% on the year in 2011, to 70.8 million lei (EUR1=RON4.0966), from RON60 million in 2010.

Romanian Enol Grup Bucuresti on Friday said it expects sales to rise 18% on the year in 2011, to 70.8 million lei (EUR1=RON4.0966), from RON60 million in 2010.

"We have budgeted an 18% rise in sales in 2011, for the entire group, from RON60 million in 2010," Enol Grup majority holder and board president Lucian Boghiu told MEDIAFAX.

The company official added profit should drop to RON3.8 million this year, from a pretax profit of RON10.7 million last year, since demand and prices have declined.

The group, active in electricity sales, real estate development and construction, plans to become an energy producer, through one biomass unit and several wind farms.

Boghiu said the group seeks non-reimbursable EU funds worth EUR8.8 million for an EUR18 million biomass plant in northeastern town Roman.

Furthermore, Enol plans to build wind farms with a total capacity of 600 MW, following an investment estimated at RON900 million.

Enol Grup was founded in 2004 and it also has a composite panel factory in eastern Romania.