Rulmentul cuts losses by 60%

Rulmentul Brasov made nine-month losses of around 11.6bn ROL (approx. 284,000 euros), down 60% in ROL on the losses for the same period in 2003. Turnover in the first three quarters rose by 19.5% in ROL to 1,045.9bn ROL (25.6 million euros), compared with 874.4bn ROL (23.7 million euros) for the corresponding period last year. Company officials were unavailable to comment on the results. Rulmentul’s total revenues amounted to 1, 203.6bn ROL (29.5 million euros), up 15.5% in ROL. At the same time, total expenses reached 1,215.3bn ROL (29.8bn ROL), increasing at a slower pace than revenues. Total spending in ROL rose by 13.5%. Rulmentul’s majority shareholder is the State through the State Assets Resolution Authority (AVAS), which owns 50.9%. ZF