Electromagnetica doubles business, and derives 10-fold higher profit

Electricity producer Electromagnetica (ELMA) posted 9.2 million RON (2.5 million euro) net profit in the first quarter of this year, more than 10 times higher than in the same time in 2007, according to the data the company put on its website. The turnover doubled during the same interval, and reached 84.6 million euros (almost 23 million euros). Electromagnetica’s profit was derived from the current operations, with no significant profits registered for other operating revenues or from the financial operations of the energy producer. The figures Electromagnetica posted in the first quarter are far higher than estimated for this year. Electromagnetica had budgeted a 267.1 million RON (74.2 million euro) turnover for 2008, 4.5% lower than in 2007, and 22% lower gross profit, of 13.9 million RON (3.86 million euros).