Romaero gets taste of profit

Romaero, a company specialising in aircraft manufacturing and maintenance, has posted net profits of approximately 20,000 euros (827 million ROL) for 2004, compared with nearly 4.3 million euros (162bn ROL) in losses in 2003. Turnover increased by 27% to some 8.3 million euros (336bn ROL), according to preliminary financial data for the company. Romaero officials could not be reached for comment by the time of going to press. Contracts concluded with foreign partners from the US, Canada, UK, Israel, Italy, Belgium, Germany and France accounted for nearly 60% of total sales for the first nine months of 2004. One of the most important orders Romaero has received is for the upgrading of Hercules C-130 planes for the Romanian military. This contract saw Romaero and US-based Lockheed Martin sign a framework contract in November 2004 worth at least 25 million euros. The cooperation with Lockheed Martin will also entail around 4 million euros in investments in retooling at the Romanian company. Earlier this year Romaero SA supplied components for the first batch of Airbus A380s, the aircraft with the highest passenger capacity and flight autonomy in the world, and is set to receive additional orders from the France-based manufacturer, with the partnership set to extend to the A 400M military programme. ZF