EnglishElectrocarbon Slatina, maker of industrial electrodes, has doubled its turnover over two times in the first quarter, from 14.92 million lei to 33.05 million lei, while turnover increased 20%, from 1.4 million lei to 1.69 million lei.
The company"s revenues also doubled, from 15.98 million lei to 33.7 million lei, whereas total expenses increased from 14.29 million lei to 31.64 million lei.
The company plans to take out loans for investments of up to 30 million Euros, in order to co-finance projects which will take place by attracting European grants. The company also intends to submit applications for grants with the Environmental Administration, in order to finance hydroelectric energy projects.
The shareholders of the company have approved a share capital increase of 3.9 million lei, to 46.9 million lei, by cash contributions from shareholders. The cash contributions would be the equivalent of the investment commitments for 2010, based on the privatization contract concluded in 1999, between AVAS and the employee union of Electrocarbon.
The company is controlled by Vivaio Câmpina, which holds 48.7%, Metaleuroest (21.44%) and SIF Oltenia, which controls 18.32% of the shares. The shareholders have budgeted a net profit of 5.3 million lei for this year, and a 52% increase in revenue, up to 141.3 million lei.
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