English
ICIT Fibresin SA - Iasi (RASDAQ:ICIT) doubled turnover in the first nine months of the year from 792,405 RON in 2006 to 1,533,528 RON in September 2007. Operating revenues totalled 1,594,205 RON, up from 804,592 RON in 2006:Q3. Operating expenses totalled 1,566,740 RON, up from 751,300 RON, thus leading to an operating profit of 27,465 RON, nearly half as much as the 53,292 RON reported last year.
Financial losses reduced from 13,402 RON in 2006:Q3 to 5,806 RON this year. At the end of the referenced period, ICIT reported a gross profit of 21,659 RON, down from 39,890 RON y/y. After taxes, the net profit was 16,457 Ron, down from 28,671 RON. The ratio between current assets and current debts is 1.15, whereas the leverage is zero as the company does not have loans extending for over one year.
ICIT was established March 28th, 1992 following the reorganization of ICEFS SA - Savinesti. The production capacity is 150 tons/year for fibers and 200 tons/year for chemicals. The company has a share capital of 654,913.62 RON divided into 2,425,606 shares with a face value of 0.27 RON/share. The main shareholder is Eugen Martonca with 46.93%. The Employee Association holds 28.59%.
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