Electromagnetica exceeds 2005 profit target

Electrical and electronic equipment manufacturer Electromagnetica Bucharest posted more than 2.1 million RON (580,000 euro) profit in the first nine months, 5.2 times higher than in the same time last year. The turnover the company made at the end of the first three quarters amounted to 72 million RON (19.9 million euros), an increase of 71% on the corresponding period of last year. Operating income amounted to 1.94 million RON (536,000 euros), after Electromagnetica posted losses from its core business in both the first half of 2005 and in the first nine months of 2004. Under the circumstances, the electrical and electronic equipment manufacturer has exceeded its full-year forecasts for 2005 as established in its spending and revenue budget, which anticipated turnover of some 17.8 million euros. Electromagnetica is getting ready to enter the energy market through the acquisition of seven micro-hydroelectric power plants on the Doftana River, auctioned off by Hidroelectrica. Electromagnetica is controlled by the Employee Association, which owns 54.1% in the firm. It is listed on the first tier of the RASDAQ. ZF