IAR posts 5.6m-euro profit

Helicopter maker IAR Brasov posted gross profit worth 206.6 billion ROL (5.6m euros) in 2003, after having incurred significant losses in 2002. IAR shares climbed 40% at the Rasdaq Electronic Market in the last two days, having surged 125% since mid-2003. The helicopter producer’s turnover increased more than six times last year. The sales reported by the company amounted to 1,211bn ROL ($36m), up from 189bn ROL ($6m) in 2002. “We upgraded several helicopters of the Romanian army last year and also delivered aircraft to the Ivory Coast. The two contracts contributed 4-5,000bn ROL to the turnover,” Ion Dumitrescu, general manager of the company, said. ZF