Aerostar Bacau tripled profit in 1999

Aircraft producer Aerostar Bacau last year registered net profit standing at over 8 billion lei, over three times higher in nominal terms than profit posted in 1998, worth almost 3 billion lei.

The company’s owners decided that three quarters of the net result recorded last year was to be distributed under the form of dividends. Thus, the company’s shareholders registered by the reference date were to receive gross dividends worth 1,902 lei/share, about eight times higher than dividends granted in 1998, of 218 lei per share.

The company’s owners also approved constitutive documents of Aerothom Electronics, which was set up by Aerostar and the French company Thomson, a company that will manufacture radio-navigation equipment in Bacau.

“Documents for the setting up of Aerothom were signed in 1999 in Paris, on the occasion of the aeronautics fair. Thus, Aerostar owns 60 percent in the new company, while Thomson CCF controls a stake of 30 percent,” Doina Matanie, head of Aerostar press service, told Ziarul Financiar.

Shareholders also agreed to mandate the company’s administrative leadership to contract credits worth up to 30 percent of the accounting value of assets registered by December 12, 1999.

“Practically, the decision issued by the company’s General Assembly of Shareholders (AGA) settles the competence limits as regards credit contracting, rather than the effective contracting of some credits having this value”, Matanie also said.

The majority stake in Aerostar company was bought, during the first part of February, by a consortium made up of Aerostar Employees Association -PAS, and IAROM, the former station of the Romanian Aeronautics Industry.