Constructii Aeronatice Ghimbav sees four-fold drop in orders from its American partners

The IAR Platform of Ghimbav, seems to be seriously hurt by the financial crisis, as well as by the lack of strategic vision of the Government. After IAR Ghimbav decided to send some of its employees into technical unemployment, it is now the turn of \"Construcţii Aeronautice\" to do the same. Around 30% of the company\"s 150 employees have nothing to do these days. Mainly because the company\"s American partners have cut down their orders three-fold or four-fold last year, which means the company took a heavy blow, as its American partners used to be extremely reliable until now. \"The drop in orders began in April 2008, when the first signs of the crisis began to show\", says Traian Tomescu, General Manager of the company located in the Bra ov County.On the other hand, the company is looking forward to talks with its German partners in the near future, as it expects orders from the latter to increase.

Construcţii Aeronautice Ghimbav, which was spun off from IAR Braşov, posted a 2.76 million lei loss in Q3 2008, 54.97% greater YOY, according to a financial statement sent to the Rasdaq stock market.Between January-September 2008, the company\"s turnover grew to 3.66 million lei, by 59.39%, YOY 2007.

On September 30, 2008 the company posted r 1.7 million lei in earnings, down 45.84% YOY 2007. At the same time, the company\"s expenses saw a slight 9.33% decrease, to 4.46 million lei.

The company\"s operating revenues dropped 46.74% during the first three quarters of 2008, to 1.66 million lei. Operating expenses dropped 9,28% down to 4.39 million lei, YOY Q3 2007. The operating loss in Q3 2008 was 2.73 million lei.