UCMR in the red before privatisation

Uzina Constructoare de Masini Resita (Machine Building Plant Resita – UCMR), one of the leading manufacturers of energy and industrial equipment in Romania ended 2003 with 2.5m euro losses, the preliminary financials show. The company makes hydraulic turbines, hydroelectric generators, hydromechanical equipment, electrical machinery, etc. and spare parts, with clients including hydropower plant constructors and shipyards. UCMR last year saw some 19% decline in revenues to 26m euros (978bn ROL). It had posted 32m euro (1,000bn ROL) revenues in 2002. UCMR’s total debts in late 2003 were worth 1,732bn ROL (46m euros), 98% of which falling due within a year. UCMR’s new majority shareholder is the consortium comprising Swiss-based INET AG and UCMR’s Employee Association, which bought 60.78% from the Privatisation Authority in an over $13.2m (11.6m euro) deal this January. ZF