Compa Sibiu, a producer of automotive parts, has budgeted a 387 million-RON (around 110 million-euro) turnover for this year, up 28.3% against 2007.

The company expects net profit to increase 38% this year, to 10.5 million RON (around 3 million euros).

"The budgeted turnover increase is based on an increase in output on the domestic market and, in particular, an increase in exports. For the time being, we are working with our established clients, who place quite large orders with us," said Ioan Deac, general manager of Compa Sibiu.

"Our target is to double turnover in the coming three years, i.e. in the 2008-2010 period," added Deac.

Last year, Compa's turnover climbed 32% to 301.5 million RON (90.3 million euros), 14% above the budgeted level, amid a 13% profit decline, to 7.5 million RON (2.3 million euros).

The failure to meet last year's budgeted profit was caused by the higher than expected financial losses derived by the company, worth 8.7 million RON (2.6 million euros). They were mainly due to the reassessment of Compa's debts, amid depreciation in the national currency against the euro.

However, operating income doubled against last year, to 19.3 million RON (5.8 million euros).

The increase in turnover registered last year by the car part manufacturer primarily had to do with big orders placed by its main clients. The orders of Canadian industrial equipment supplier increased 46% last year, while their share in the company's turnover climbed to 38%.

Delphi France (another client of the company), whose business stood at 0.7 million euros last year, is expected to reach 12 million euros at the beginning of 2009.

Orders from domestic clients continued to go down, so the share of foreign orders saw a significant increase, and reached 77% of the turnover last year. Orders for windscreen wipers from the German