Electroarges: 14.5% higher turnover in Q1

Curtea de Arges-based Electroarges, producer of home appliances and engines for electrical machinery posted a turnover worth 7.86 million euros (28 million RON) in the first quarter, a 14.5% increase against the same period of last year. The company saw losses worth 0.11 million euros, 55% less than in the first three months of 2005. Electroarges, which last year exported some 85% of its production, started making engines under contract for an Italian customer. Last year, Electroarges posted a turnover worth 33.7 million euros, 67% more than in 2004, and managed to turn a profit.. The company does not have a majority shareholder, and its main shareholder is Ion Gavrila, who owns 12.3%. ZF