Rolast Pitesti losses soar

Rubber products maker Rolast Pitesti has posted 524,000 euro (19.4bn ROL) losses for the first three months of the year, more than seven times higher than for the first quarter last year. The increase in losses is the result of the depreciation of the euro and the higher discounts offered to distributors. Net turnover fell 10% for the same period to 4.7 million euros (174bn ROL). Exports “were directly influenced by the downward trend of exchange rates,” the company”s first-quarter report shows. Rolast officials did not comment on the results. Rolast has set out to attain a 23 million euro (840bn ROL) turnover for this year, 12% higher than in 2004. Earlier in the year, the company was expecting to see its losses halved, with the spending and revenue budget foreseeing 563,000 euros in losses for 2005. Rolast Pitesti is the leading player in Romania for the manufacturing of conveyor belts for the mining industry and hoses and fittings for the automotive industry, among others. One of its main clients is Dacia Renault. ZF