Turbomecanica profits take off

Turbomecanica Bucharest, the only jet and turbojet engine manufacturer in Eastern Europe, concluded 2004 with net profits of 4 million euros, up 43.8% on 2003. Turbomecanica turned over 24.2 million euros in 2004, an increase of 28.1% on the previous year’s sales. Company officials were unavailable for comment. Turbomecanica’s total revenues exceeded 1,000bn ROL (24.6 million euros), reaching 1,008.9bn ROL (24.9 million euros) last year. The company’s net profits and revenues were higher than anticipated in last year’s budget. Turbomecanica’s forecasts were for 3.4 million euros in net profits and 23.7 million euros in revenues. Its total debts amounted to 6.4 million euros at the end of 2004, with receivables worth 5.5 million euros. All of Turbomecanica’s debts represent commitments that have to be paid in less than one year. Last year it signed a five-year deal with Rolls Royce to manufacture and supply parts and subassemblies for aircraft engines. ZF