Aerostar's profit takes off

Bacau-based Aerostar Company dealing in aerospace industry logged net profit of 12.7bn ROL in Q1 this year, 30 times higher than the profit in the same time last year. Its Q1 turnover reached 209bn ROL ($6.3 million), more than double the turnover in the corresponding period of last year, when sales were worth 94bn ROL ($2.9 million). Aerostar began upgrading 12 MIG 21s for the Croatian Defence Ministry in 2003, under an $8 million contract. The contract requires Aerostar to check, repair and improve the standards of the 12 aircraft. Its manager was saying by mid February that Aerostar had received an order for 15 ultralight Aerostar 01 craft from the US. This is a new type of aircraft designed and built by the company last year. The officials added back then that 15 more such aircraft were being built for the domestic market. Aerostar’s 2003 S&R budget anticipates 63bn ROL net profit and 820bn ROL turnover. ZF