Q4 good for Turbomecanica's profit

Aircraft engine and mechanical subassemblies designer and maker Turbomecanica Bucharest posted 94.2bn ROL ($2.9 million) net profit in 2002, down nearly 10% in dollars compared with last year. Turbomecanica’s net profit surged in Q4 last year, when the company logged 45% of the full-year profit, although turnover (175bn ROL) matched the average level of the first three quarters. The spending and revenue budget early in 2002 was estimating net profit to reach only 80.6bn ROL, down 12% compared with the previous year. One of the causes for the low profit in the first half was the high level of corporate debt, which induced an 18.4bn ROL financial loss for the first three quarters. The debt situation has improved ever since. Turbomecanica at the end of last year totalled 109bn ROL in debts, compared with 269bn ROL debts at the end of September. It also had 115bn ROL in receivables to collect by the end of December. ZF