English
The administrators of "Uztel" Ploieşti have decided yesterday to file for insolvency with the Court of Prahova. This decision was motivated by the fact that no obvious solutions have been found that would help stabilize the situation of the company of Ploieşti which was severely affected by the economic and financial crisis.
A report addressed to the Bucharest Stock Exchange, states that following the severe effect of the crisis "which has affected the entire Romanian economy, which has also left its mark on the financial statements of the company for the first semester of 2010, as well as to the fact that no obvious solutions to stabilize the company are available, the Board of Directors have decided to urgently file for bankruptcy with the Territorial Court of Prahova".
"Uztel" ended the first semester with a turnover which dropped 57.1% YOY, from 9.83 million lei to 17.08 million lei, and posted a loss of 3.5 million lei, after posting a net profit of 728,400 lei in H1 2009.
In April, when the company announced its revenue budget, the company was expecting to turn out a profit of 588,000 lei by the end of the year, compared to a loss of 2.5 million lei in 2009. And it expected its turnover to climb 77%, to 121.1 million lei, compared to 68.1 million lei last year.
The average number of employees dropped 37% (421 employees), to 687, from 1,108 employees in the beginning of the year.
The association of the company"s employees holds 81.22% of the shares of the company.
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