English
Turnover of IAR Ghimbav fell 61% in the first nine months of 2012, from 48.8 million lei to 19 million lei. At the end of Q3, the company posted a loss of over 490,000 lei, after announcing a net profit of 2.452 million lei at the end of Q3 2011.
This year, the company posted operating losses of 2.4 million lei, compared to a profit of 1.8 million lei in the first nine months of last year.
Between January and September, revenues fell over two times between January and September, from 45.35 million lei to 20.26 million lei, whereas expenses dropped at a similar pace, from 42.90 million lei to 20.75 million lei. The Ministry of the Economy owns 64.89% of the shares of IAR.
In the beginning of the year, the company had budgeted a 16.6% drop in the net profit, compared to the end of 2011, when it amounted to 2.897 million lei.
The company's revenues are expected to fall 32.5%, from 64.989 million lei to 43.846 million lei, whereas total expenses are expected to shrink 33.3%, from 61.432 million lei to 40.996 million lei. The company has budgeted 1,150 million lei for itself, which will be covered using its own resources.
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