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Alumil: Net profit down nearly 33pc in 2008

Alumil Rom Industry has reported a 2008 net profit of RON 9.497 million, down 32.7 percent from 2007, as a result of pressure from indirect costs and unfavourable exchange rate differentials, according to a pres release published by the Bucharest Stock Exchange (BVB).

'Revenues beyond initial expectations, rising indirect spending, particularly wage costs and rental costs, as well as unfavourable developments in the exchange rates all had a significant negative impact on profitability,' reads the release.

Alumil's 2008 net turnover reached RON 113.62 million, up 2.9 percent from 2007. In the fourth quarter alone, the company recorded a rise of 7.3 percent in its business turnover compared with the fourth quarter of 2007, despite difficulties on the construction market.

The company's total revenues in 2008 were RON 114.92 million, slightly up from 2007's RON 114.69, while spending exceeded RON 103.37 million (compared with RON 97.85 million in 2007).

The company reported total debts of RON 71.8 million as of end-2008, up RON 13.5 million from 2007, and was expecting to recoup liabilities of RON 70.8 million, which were RON 10.3 million over the 2007 liabilities.

Alumil Rom Industry has been operating in the aluminium works market of Romania for more than 10 years, having the largest distribution network for such products in the country and being the only local player to own an aluminium dying installation.

The main shareholders in the company are Alumil (55.90 percent), businessman Michail Sotiroiu (23.95 percent), other investors (20.14 percent). The paid up share capital of the company was standing at RON 6.25 million as of late 2008.

 

Sursa: http://www.rompress.ro

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