Turbomecanica profit triples

Turbomecanica Bucharest concluded first quarter with a net profit almost three times higher than in the corresponding period of last year. Turbomecanica’s Q1 net profit amounted to 8.9bn ROL (220,000 euros), compared with 3bn ROL in the same time in 2003. Its profit was higher in spite of the slight decline in the first quarter sales. Turbomecanica’s turnover was of 161.4bn ROL (40 million euros), down 2.9% in ROL compared with the first quarter of 2003. It also managed to cut most of its operating expenses since the beginning of the year. Spending on raw material fell 17% in ROL to 56.2bn ROL (1.3 million euros). Total spending was of 143.8bn ROL, down 22% from the spending in the first quarter last year. Total revenues shrank by 17% to 156.1bn ROL in late March. ZF