“We appreciate that the market decline has stopped, at least in Romania, and estimate to end the second half of this year in line with the first, if not above. At the end of the first six months, we are at some 14 percent below last year, and expect the percentage to be 14-10 percent below 2008 in H2, in other words, recover some of the decline posted in H1,” Arctic’s General Manager, Monica Iavorschi, told Business Standard.
Arctic’s sales amounted to €80.3 million in the first six months of this year, and the drop compared to 2008 is mainly due to the results on the local market, where sales fell 28 percent, to more than 225,000 sold units.
Iavorschi said that the 35 percent decline on the local market in H1 was countered by an increase in exports, especially to countries in Western Europe, with more mature markets and less affected by the current economic context, which have become the main foreign destinations, compared to other years, when the main share was to countries in Eastern Europe and the Balkans.
“On the electronic and household appliance market, the economic crisis was reflected in financing conditions, as the consumer loan was virtually blocked in this period. We are expecting to exit the crisis in 2010, but this can only happen if lending conditions become less restrictive. The question is how long the market will remain so low. If we are talking months, then most players will be able to survive, but if we are forecasting two years, then it will be tragic for Romania,” Iavorschi added.
