TVrancart does worse than expected

Paper and cardboard manufacturer Vrancart Adjust made a turnover of 21 million RON (5.7 million euros) in the first five months of 2005, some 27% lower than set in the spending and revenue budget for this year. Vrancart, however, posted gross profit of 2.77 million RON (0.75 million euros), close to the S&R target. Total revenues stood at 21.7 million RON (5.9 million euros) from January through May, whilst total spending amounted to 18,9 million RON (5.15 million euros). The company estimates to make full-year operating revenues of approximately 20 million euros (71.8 million RON) and net profit of 1.6 million euros (5.76 million RON). Vrancart Adjud shares are expected to begin trading on the Bucharest Stock Exchange soon, after having been approved by the market”s listing committee. Vrancart conducted an initial public offering early this April so that it could list its shares. The offering, handled by IFB Finwest, was oversubscribed by nearly 30%. ZF