Aro's nightmare: $29m losses

Fewer vehicles sold, heavier losses. This sums up last year’s performance of carmaker Aro Campulung. Car sales dropped by nearly 200 units to a little above 1,200 compared with 2001, while losses skyrocketed from the $3.8 million in 2001 to nearly $29 million this year. Aro’s total revenues amounted to 690.02bn ROL last year, while expenses reached 1,638.13bn ROL, so that losses were of 948.11bn ROL ($28.68 million). Turnover went down from 622.3bn ROL ($21.4 million) to 620.8bn ROL ($18.7 million). Aro’s output followed suit and decreased. The company last year made 1,363 vehicles, down 23% from 2001 when it had made 1,771 units. Aro Campulung’s shareholders are the Privatisation Authority (APAPS) – 68.7% and SIF Oltenia – 23.7%. Its shares are listed on RASDAQ, having last traded for 4,000 ROL on the average on May 12. The carmaker’s share capital is worth 264.1bn ROL and is divided into 25,000 ROL par value shares. Aro Campulung was placed under receivership on April 10, 2002 to be prepared for privatisation. ZF