EnglishElectric engine manufacturer Electroputere Craiova cut its losses by 35% to 11.3 million RON in the first half of 2007, as compared with losses of 17.3 million RON in the same period last year, according to a report to the Bucharest Stock Exchange. Turnover amounted to 62.4 million RON (19.9 million EUR) in the first six monthys, down by 12.16% from 71 million RON in the first half of 2006.
In the second quarter, Electroputere cut its loses by 48,5% to 4.62 million RON, as compared with losses of 8.97 million RON posted in the year-ago quarter. Turnover amounted to 30.25 million RON (9.65 million EUR), down by 17.1% from 36.5 million RON in Q2 2006.
In June this year, the Authority for State Assets Recovery (AVAS) initiated the privatisation tender for the company. The winning bidder was Arrab Contracting Company Ltd, based in Saudi Arabia, after having offered 2.3 million EUR for AVAS" 62.82% stake in Electroputere.
The company has a share capital of 12.4 million RON, divided into 124.17 million shares with a face value of 0.10 RON. The majority shareholder is AVAS, with a 62.82% stake in the company. Electroputere Craiova is listed on Tier 2 of the Bucharest Stock Exchange as EPT.
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