No downturn for Turbomecanica

Aircraft engine and mechanical parts maker Turbomecanica Bucharest posted $10.42 million (338.45bn ROL) turnover in the first half, up 22% from the same time last year. Profit progressed at about the same speed, from $1.06 million in H1, 2002 to $1.28 million in H1, 2003. The results for the six months ended June 30, 2003 are better than those in the year-ago period, considering the company had anticipated in its 2003 S&R budget that total revenues would reach 690bn ROL, down 7.8% and the profit would amount to 113bn ROL, down 16.8%. “We’ve managed to avoid the downturn in the international aerospace industry by modifying the product and client portfolio. We gained several new foreign partners and the domestic market has started to turn around, too, due a number of projects in this field. Which makes us believe we will eventually exceed the estimates in the budget,” Leonard Trifu, Turbomecanica sales manager explained. Revenues were also helped up by the joint venture established by Turbomecanica and US’ General Electric, starting to operate in full gear this year. ZF