EnglishCompania de Factoring posted a turnover of 45.5 million EUR in the first six months of 2007, from both domestic and international operations, the result being 10% above the company"s estimates. The increase is mainly due to the development of the company"s client portfolio and an increase in financing granted to existing customers.
The profit margin was 16% in the first half of the year and the company expects to maintain this level for the next six months, estimating a slight drop in 2008, according to Valentin Chirca, CEO of Compania de Factoring. Domestic factoring recorded a higher growth rate and currently accounts for 90% of the company"s portfolio.
The company estimates a turnover of over 100 million EUR for the current year and a 10% market share, according to Valentin Chirca. He expects the factoring market to reach 1 billion EUR this year. The company plans to invest 100,000 EUR in an integrated IT system in the second half of 2007.
Compania de Factoring IFN SA is a joint stock company established by Banca Transilvania and Intermarket Bank AG focused on factoring services. The company"s core business is made up of three functions: financing of account receivables, debtor management (including debtor accounting, dunning and collection) and credit risk protection.
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