Siderma sells land with 15 million euros

Textiles producer Siderma Bucuresti last week sold land and buildings (located in Bucharest, sector 6) to Balkanic Intertrade for 50.6 million RON (15 million euros). According to Siderma, Balkanic Intertrade has already paid 8.62 million euros, and will complete the transaction in January 2008 at the latest. The buyer is a Bucharest-based company, which deals as an intermediary in food commerce, and is entirely held by businessman Marius Valentin Curtasu. Siderma saw losses worth 271,000 RON in the first quarter of the year, against 13,000-RON profit last year. The company’s revenues dropped by 24.6% from 3.57 million RON to 2.69 million RON, whilst expenses fell by 16.8%, from 3.56 million RON to 2.96 million RON. Turnover also dropped, by 16.3%, from 3.42 million RON to 2.86 million RON. According to the most recent report, Siderma’s main shareholder is Effeemmeci, which holds a 49.9% stake, followed by Immobiliare Paradiso, with a 9.72% stake. The most recent transfer that involved Siderma shares took place on December 3, when the share price stood at 62 RON, up 24% against the last quote on November 30.