EnglishSteel plant Mechel Targoviste posted a loss of 6,99 million RON (2,11 million EUR), for the first three months of 2007, up nearly 50% compared to the same period last year, when the company reported loss of 12,13 million RON, according to a report to the Bucharest Stock Exchange quoted by NewsIn. First quarter turnover amounted to 185,53 million RON (56,05 million EUR), gaining 45% from the same period last year, when Mechel Targoviste posted 127,23 million RON in turnover.
For 2007, the company expects net profit to reach 61 million RON (22 million USD), up seven times from 2006, due to production growth. Turnover should reach 778,4 million RON (280 million USD), gaining 20% from 2006. Sales are estimated at 760 million RON, while expenses are expected to amount to 717,3 million RON (258 million USD).
Y2006 net profit totaled 8,7 million RON (2,57 million EUR), while turnover amounted to 647 million RON (191,3 million EUR), up 6% from 608 million RON in the past year.
The company has a share capital of 172 million RON (51 milliopn EUR), divided into 68.850.123 shares with a face value of 2,50 lei. The majority shareholder is Mechel International Holdings AG, with 86,6% in the company, followed by SIF 5 Oltenia with 8,92%.
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