Romaero posts losses of RON 9.14 mln in H1, two and half times lower than H1 2016

Georgiana Bendre 03/10/2017 | 13:41

The state owned company Romaero registered losses of RON 9.14 million in the first semester, lower by two and half times than the first semester of 2016, according to the report of the Bucharest Stock exchange (BVB).

“To redress the company, from the second part of 2016, the shareholders, via the appointed administrators, adopted and implemented restructuring activities measures, focused mainly on the services for operators and owners of civil aircrafts, through the personnel restructuring, the efficiency of production costs and the competitiveness growth in services for civil clients, succeeding to decline the commercial deficit,” says the report.

Also, the company’s  turnover dropped in the first six months of this year by 9 percent from RON 22.43 million to RON 24.66 million in the first part of 2016.

The revenues from exploitation amounted to RON 35.38 million at the end of June, a growth by 6 percent compared with the similar period of 2016.

„Among the factors that can influence the future liquidity of the company are the sales prices on the competition market, the price of the main raw materials, as well as the tariffs of the services used by the company in the current activity, the fluctuations of the interest and foreign currency rates, the volume of maintenance and development investments, the taxation level, including the introduction of new taxes,” says the report.

Romaero estimates that will close the year with losses of RON 20.2 million, three times lower than the level of 2016, but aims to register profit since next year, according to the company’s estimations. Also it estimates for this year revenues of RON 140.2 million. For this year it plans investments of RON 11.1 million and RON 40.3 million in 2018.

For 2018 the company aims to registered a net profit of RON 23.8 million, following a climb to RON 237.69 million in 2019. Also it aims to register total revenues of RON 565.8 million in 2018 and RON 964.7 million in 2019.

The company registered in 2016 losses of RON 60.3 million.

The company went through significant reorganization actions in the first six months, according to the company’s report.

Romaero has 730 employees and a market value of RON 161.15 million.

Romaero is a state company specialized in the maintenance and restoration of passengers and cargo aircraft transport.

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