Romanian infrastructure projects help Octagon to reach EUR 12.5 mln turnover

Construction subcontractor Octagon posted a turnover of EUR 12.5 million last year, when it signed EUR 3 million contracts in Romania, and when it started to focus more on foreign markets. The results were below those reported the year before – some EUR 14.3 million. The company, founded by two Greek businessman, expanded its activity in the Middle East, by opening a subsidiary in Iraq, where it mainly targets infrastructure projects. The company's profit stood at EUR 0.5 million last year, a growth of 23 percent on the previous year. Octagon spent EUR 2.5 million last year on taking over the majority package in the industrial area Comat Electro, on the Faur platform in Bucharest. The industrial platform includes an 89,000 sqm landplot and 20,000 sqm of warehouses. "The construction market in Romania remained fairly unattractive for private investors, as well as for the state in Romania in 2011. Even so, the office and retail sectors were on a visibly upwards trends, while the residential segment continued to be affected by the crisis. 2011 was a dynamic year on infrastructure, which will continue to be attractive in 2012,” said Alexandros Ignatiadis, CEO of Octagon, and one of the owners, along with Paschalis Paganias. editor@romania-insider.com