Research pays off for Iprochim

Research company Iprochim Bucharest made net profits of 744,000 RON (203,000 euros) in the first six months of the year, an increase of 18% over corresponding period last year. The main reason for the increase in profits was the growth in sales, which resulted in turnover of 5.55 million RON (1.5 million euros), 39% up compared with the same time last year. Factors behind the boost to profitability include cost slashing measures as well as the revenues derived being tax exempt on technical support supplied to Reactor 2 at the Cernavoda Nuclear Plant, reads the company”s financial report. Iprochim”s total revenues rose 31% in the first half. However if taking into account the consumer price index increase of 4.1% over the same period, the revenues actually rose by 26.9%. Iprochim”s revenues are 89% derived from its core business of applied research in the physical and natural sciences. The company”s financial results for the first half were negatively affected by the increase in utility prices, as well the appreciation of the RON against the euro to a lesser extent. ZF