Romaero losses down 57 percent on year

Romanian aircraft repairs and maintenance company Romaero Bucuresti on Friday said its loss narrowed 57% to 19.7 million lei (EUR4.44 million) in 2013, as revenues increased and costs declined.

Romaer revenues increased 7 percent in 2014, from RON 92.8 million to RON 99.6 million. Expenses are down 14 percent, from RON 139.5 million to RON 119.4 million, according to a press release issued for the Stock Exchange. The company ended 2013 with a turnover of RON 66 million, at a level similar to the one reached in 2012.

The Ministry of Economy owns 51.9 percent of Romaero Capital and among the company’s shareholders we find SIF Muntenia (25.8 percent) and Fondul Proprietatea (21 percent). Romaero stock was recently traded on April 14 when it reached a price of RON 14 per share. at this price, the company has a capital value of RON 87.3 million (nearly EUR 20 million).