Aerostar - revenues of 533 million lei, last year, increasing by 12.5%

The aeronautical company Aerostar Bacău (ARS) reported, for last year, a preliminary net profit of 93 million lei, 3% above that of 2022, while operating revenues amounted to 533.1 million lei, in 12.5% increase compared to the previous year, according to a report of the issuer published on Friday on the website of the Bucharest Stock Exchange (BVB).

Thus, in the fourth quarter, the company overcame the decrease in profitability from the first nine months of last year, as can be deduced from the stock market reports. In the first three quarters of 2023, Aerostar achieved a net profit of 61.1 million lei, 17% below that of the same period of 2022.

For last year, Aerostar reported operating expenses of 453.3 million lei, 16% more than the previous year. Material expenses amounted to 219.8 million lei, 28% more than in 2022, while employee benefits expenses were 172.4 million lei, up 16%. The operating result amounted to 79.8 million lei, 4% below that of the previous year, to which was added a gain from financial activities of 17.2 million lei.

Last week, Aerostar shareholders validated the board's decision by which they took note of the retirement of Grigore Filip from the position of general director of the company starting from March 1 and the appointment of Alexandru Filip from that date until July 10.

According to the publication Ziarul de Bacău, Alexandru Filip is the son of Grigore Filip, the president of the Board of Directors and the general manager of Aerostar since 1998. Alexandru Filip is a graduate of the Aircraft Faculty, currently being the deputy general manager of the company.

In the middle of last month, Aerostar and Lockheed Martin, a global security and aerospace company, announced the inauguration of the first certified maintenance, repair and overhaul (MRO) service center for the S-70 Black Hawk helicopter in Bacău.

Aerostar Bacău, an issuer whose stock market valuation amounts to approximately 1.4 billion lei, is 71.5% owned by Iarom Bucharest, while Evergent Investments had 15.2% of the company.