English• The end results exceeded the estimates of the company"s management
Braşov-based Condmag SA has seen its net profit increase 111% last year, to 18.7 million lei, approximately 4.4 million Euros, according to the financial statement posted on the website of the Bucharest Stock Exchange.
The company"s turnover increased 56% last year, to 226.8 million lei (EUR 53.5 million). The company"s total expenses increased 38% in 2009, to around 218 million lei.
The company"s profit beat the expectations of its management. Last year it estimated a 53% increase of its turnover, and a 55% increase of its net profit over 2008.
The company initially had conservative estimates of 23% increase of the net profit from 8.89 million lei in 2008, to 10.97 million lei, which it managed to beat in the first semester. In the January - June 2009 period, Condmag had a net profit of 11.29 million lei, up 75% over 2008, and increased its revenues by 58%.
CONDMAG provides turnkey solutions for designing and constructing pipelines, gas and oil processing installations as well as related technological facilities, and non-destructive testing performed in own accredited laboratory.
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