Turbomecanica sees lower revenues

The management of aircraft engines and mechanical subassemblies maker Turbomecanica Bucharest expects to see revenues reach 690bn ROL this year, while net profit should be worth 113bn ROL. If calculated in nominal terms, the revenues should go down by 7.8% compared with 2002 and profit should be even faster to drop: 16.8%. Turbomecanica’s final 2002 financial results are better than the preliminary results released earlier this year. Total revenues amounted to 750bn ROL ($22.7 million) and net profit reached 120.6bn ROL ($3.6 million). Turbomecanica is planning to invest 27.8bn ROL in 2003, with boosting production and keeping in line with the environment protection requirements as the primary targets, the management says. It has had a difficult time over the last two years, like any other company in the aerospace industry. ZF