M.J. Maillis wants to recover profit

Packaging maker M.J. Maillis Romania, the only foreign company listed on the Bucharest Stock Exchange (BSE) plans to attain 70% profit growth in nominal terms from 17.7bn ROL in 2003 to 29.9bn ROL (some $900,000) in 2004. At the same time, the company management intends to attain 11% turnover growth to 387.5bn ROL (some $11.5 million). M.J. Maillis Romania’s shareholders in an EGM last week endorsed the distribution of the 2003 profit. Therefore 10.43bn ROL (1,000 ROL/share) were directed to dividends, and 7.27bn ROL were directed to the investment programme. The 17.7bn ROL net profit is approximately 10bn ROL lower than set in the S&R budget for 2003 and down from 2002 when it was worth 19.1bn ROL. The company did manage to attain its projected turnover, though, which was in excess of $10 million. ZF