Electroputere's growth lower than expected

Electrical motors and high voltage equipment maker Electroputere Craiova logged a slightly higher turnover and was in the black in the first quarter this year. The performance of the two indicators, however, was lower than expected, management says. Turnover reached 461bn ROL (11.5 million euros), compared with 385bn ROL (11 million euros) in the corresponding period of 2003. Net profit amounted to 25bn ROL (625,000 euros), compared with 14bn ROL (400,000 euro) loss at the end of Q1, 2003. “The turnover has gone up, indeed, but we are not very happy with this increase, as our full-year sales target is 2,100bn ROL (52.5 million euros i.e.),” said Cornel Mondea, Electroputere Craiova chief executive. The company’s 2003 turnover amounted to 1,900bn ROL (50 million euros). “Some products have longer manufacturing cycles, about a year and a half, and this is the reason for the turnover growth in the first quarter. This is also the reason why quarterly figures fluctuate heavily,” he added. ZF