Comelf 2Q 2011 results

According to the management, the company managed to consolidate the relationship with its traditional partners General Electric, Siemens and Komatsu. The main cost item, raw materials increased by 22% yoy to RON 18 mn, while third parties increased by 43% yoy to RON 6 mn mainly triggered by costs related to works at the technological production flow. Thus, operational profit was down 16% yoy to RON 2.8 mn. Comelf registered financial losses of RON 2.6 mn, triggered by the Swiss Franc appreciation (the company has Swiss Franks denominated debt) and thus, the company broke even in terms of net profit.

Over 1H 2011, sales advanced by 49% yoy to RON 69.7 mn (114% of budgeted figures), while net profit was higher 3.6x yoy to RON 0.8 mn (38% of the budgeted figures).