IAR doubles income and turnover before privatisation

IAR Brasov, a company specialising in building and repairing helicopters, posted a 3.79 million-euro (13.4 million RON) net profit, over 2.3 times higher than the profit registered over the corresponding period of last year. The company’s growth was the catalyst behind the increase in profit, which exceeded 41.86 million RON (148.18 million RON), 2.29 times higher than that derived at the end of September last year. IAR’s business as a whole, is 68.3% higher than that over the course of last year. The IAR derived five times higher profits than in 2005, but the company’s last year profit took a nose dive due to financial losses posted in the last quarter of the year. The company had re-evaluated its receivables and its debts in foreign currency, which generated financial losses worth 5 million euros. The helicopters builder saw an operating profit worth 4.45 million euros (15.7 million RON), a 42% increase against the end of September 2005. Company representatives were not available on Wednesday for additional comments on these results.