EnglishIndustrial pipe manufacturer Condmag (BSE - COMI) posted a gross profit of 2.36 million RON in the first half of 2007, up 5.84 times from 404,400 RON in the same period last year, according to a company press release. The company had estimated a gross profit of 6 million RON for the first six months.
In the first half of the year, Condmag posted a turnover of 49.53 million RON (15.8 million RON), equal to that obtained in the corresponding period of 2006, but 17.5% lower than the company"s estimates (60 million RON).
Condmag expects a net profit of 8.3 million EUR for the current fiscal year, up 2.45 times from 2006, while total revenues should increase by 26% to 140.4 million RON. The company has planned investments totalling 7.56 million EUR for 2007.
Condmag has a share capital of 17.29 million RON, divided into 173 million shares with a face value of 0.10 RON. The significant shareholders in the company are Dafora Medias (43.66%), OGGBA Van Herk BV (10.61%), Julius Baer International Equity Fund (9.62%) and MEI Roemenie & Bulgarije Fonds NV (7.76%).
Condmag is listed on Tier 2 of the Bucharest Stock Exchange as COMI. The company has a market capitalisation of 388.8 million RON (122.5 million EUR).
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