EnglishWire and electrical cabling producer "Iproeb" Bistriţa (symbol: IPRU on the Rasdaq market) won, in association with several companies, an auction for the reconstruction of an electric line between two power stations in Poland, worth approximately 43 million Euros, excluding VAT, according to the auction contract. The auction was held electronically and it went to the lowest bidder.
"Iproeb" officials refused to mention their share in the contract, but said that they expect a larger than usual workload in the coming period.
"We are a discreet company and we consider that the results of a company are best reflected by the year-end balance sheet", the quoted sources said, although they did confirm that the company recently won several auctions both domestically and abroad.
The contract comes at a good time for the company, after its net profit dropped to 2.7 million lei, (645,500 Euros), 3.7 times lower y/y. At the same time, the company"s turnover decreased 51% compared to last year"s similar period.
These past few months the company has been faced with a drop in orders, as it was forced to put 110 employees into technical unemployment, after doing the same with another 280 employees.
"Iproeb" Bistriţa has a market value of 41.1 million lei, according to the price of 0.88 lei/share, recorded in yesterday"s trading session. Shareholders of IPRU include "Electromontaj" (30%), and "MEI - Roemenie & Bulgarije" (10.37%).
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