Lower profit for Aversa

Pump maker Aversa Bucharest in the first half of this year registered three times lower profit as compared to the similar period of last year. The company’s H1 net profit reached only 458 million ROL, against the over 1.5 billion ROL in the same period of last year. The drastic profit drop was due to the interests the company paid on the debts to its employees’ health insurance fund, which were worth more than two billion ROL. In the first half of this year, the company sealed an agreement for the rescheduling of its debts to the health insurance fund. Total outstanding payments to the health insurance fund amounted to 106 billion ROL at the end of the first six months of this year. Aversa’s turnover, though, posted a significant increase, which made a positive impact on the revenues derived from the core business. The company’s sales rose 20% during this period, to 227 billion ROL, while its operating income was of 2.6 billion ROL, against one billion in the same period of 2002. The pumps produced by Aversa are sold on the domestic market, with its main customers including Termoelectrica and Petrom, as well as in the European Union. ZF