$1.1 million profit for Electroaparataj

Electrical equipment producer Electroaparataj Bucharest concluded last year with 531bn ROL ($16 million) in turnover, up 11% in nominal terms from the previous year. The inflation in the period was 14.1%. The profit was even slower to progress compared with 2002. Electroaparataj last year saw net profit of 36.6bn ROL ($1.1 million), only 4% higher in nominal terms from the previous year. The profit growth, however, is significant if looking at the results for the first half. At the end of June, the company was making a measly 4.8bn ROL profit. Electroaparataj took over 71% in Energoutilaj Bucharest from the Privatisation Authority early this year. Broadhurst investment fund, the majority shareholder, this way acquired indirect control of the energy equipment maker. Broadhurst had previously used Electroaparataj and other companies as investment vehicles to buy 97% in Libra Bank for $11 million. Electroaparataj is part of a group of companies that comprises Imsat Bucharest, Umeb and Electrotehnica, all of which controlled by Broadhurst. ZF