The major companies in Romania stayed in the black in 2009, which was most likely the hardest year for the Romanian economy, except for the ArcelorMittal Galaţi steel plant, held by Indian billionaire Lakshmi Mittal, which posted 334 million-euro (1.4 billion-RON) losses and Tarom, whose losses stood at 56 million euros (234.7 million RON).

Even companies in such sectors as consumer goods and automotive, where consumer spending decline was obvious, still made profit, despite having their income eroded by the bad economy.

Cumulated, the top 300 profit makers generated 40 billion-RON (9.5 billion-euro) income, more than in 2008, according to ZF's calculations based on the information available at the Trade Registry.

Crisis winners in terms of profit can be considered construction companies Spedition UMB and Romstrade, controlled by Dorinel Umbrărescu and Nelu Iordache, the so-called "asphalt kings" that managed to boost results at a time when their respective markets collapsed. Companies such as RCS&RDS (telecom) of Zoltan Teszari and Fondul Proprietatea (Property Fund), too, posted hefty profits, of more than 200 million euros.

"I don't think any sector will be able to preserve profit margins as they were at the onset of the crisis, since pressures caused by consumption decline are all-encompassing. Only the monopolistic sectors or those receiving disguised protection from regulators will be able to maintain profitability," believes Doru Lionăchescu, main partner of Capital Partners consultant.

The major companies in Romania stayed in the black in 2009, which was most likely the hardest year for the Romanian economy, except for the ArcelorMittal Galaţi steel plant, held by Indian billionaire Lakshmi Mittal, which posted 334 million-euro (1.4 billion-RON) losses and Tarom, whose losses stood at 56 million euros (234.7 million RON). @