Comelf won't make projected profit this year

Comelf, the Bistrita-based manufacturer of engineering vehicles (excavators, bulldozers) will not reach its level of projected profit this year, primarily due to fluctuations in metal prices and an increase in utility rates, according to company management. Comelf witnessed a net profit worth 0.73 million euros (2.6 million RON) in the first nine months of the year, a 17.9% increase against the corresponding period of last year. For the year as a whole, the company had projected a net profit worth 4.41 million RON. Comelf’s business went up by 12.8% in the first three quarters to 20.15 million euros (71.3 million RON). “We won’t achieve the profit we projected due to fluctuations in metal and utility prices, as well as the fact that we have been investing in the company,” said Dorin Abagiu, head of the Comelf’s planning department. Raw material expenditures grew by 32.5% in the first three quarters, exceeding 11.26 million euros.