Dafora 4Q 2009 preliminary results

Stocks of finished products increased, which slowed the fall in revenues (RON 59.3 mn) to 28% yoy. Raw materials costs and labor costs fell less than revenues, but third parties expenses were cut in half compared with 4Q 2008 reaching RON 18.1 mn. The cost reduction helped DAFR post an operating profit of RON 11.5 mn, 49% higher yoy. Financial losses came out 24% smaller yoy but still ate most of the profit, the company ending the quarter in red with a loss of RON 0.2 mn, much better than the loss posted in 4Q 2008 of RON 7.1 mn. Over 2009, DAFR sales went down by 40% to RON 162.6 mn and the net profit halved to RON 1.4 mn.

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