Comelf profit three times lower

Environment protection equipment maker Comelf Bistrita’s profit shed two thirds in the first half of the year, compared with the same time last year, although sales progressed by more than 50%. Comelf’s H1 net profit was of 3.7bn ROL (0.1 million euros) compared to nearly 11bn ROL in the first half last year. Turnover went up 50% in the first six months, to 295bn ROL from the 192bn ROL in the corresponding period of last year. One of the reasons for the profit drop was the shift to the International Accounting Standards (IAS). “The finished products in our inventories were registered at their production costs in the revenue chapter, instead of the market price (which is higher i.e.) as it happened last year,” Stefan Pop, economic manager of the company said. The profit decline was also due to the higher financial losses, which amounted to 7bn ROL compared with 4.3bn ROL in the first half of last year. ZF