IAR sees profit surge

IAR Brasov, specialised in making and repairing helicopters, ended the first quarter of the year with net profit standing at 5.8 million RON (1.6 million euros) despite the slight decline in turnover and the 400,000-euro losses due to the company”s financial operations, according to sources close to the company. IAR shares have been among the most profitable stocks on the capital market, seeing an over 100% growth. In the corresponding period of last year, the company had logged net profit worth 2.5 million RON. Last year, IAR saw a sharp decline in its net profit, which fell 82% to some 700,000 euros, but this was mostly due to the large expenses made in the last quarter. The company reassessed its receivables and its debts in foreign currency, and results reflected losses worth some 5 million euros. Turnover was up 6% in euros, slightly surpassing 25 million euros. The company”s management could not be contacted to comment on the financial results. ZF