EnglishMechel Steel - Targoviste (COS) estimates a Y2007 net profit of 61 million RON (22 million USD), up seven times year-on-year and has asked shareholders to authorize the use of some of the profit to cover losses from the previous years, according to an announcement quoted by NewsIn.
All estimates are calculated against an exchange rate of 2.78 RON/USD. The Y2007 turnover has been estimated at 778.4 million RON (280 million USD), up by 20% from the previous year. Revenue from sales should reach 760 million RON, of which 72% from exports. The overall output would reach 437,000 tons of steel.
Expenses have been outlined at 714 million RON (256.8 million EUR) of which the sales cost is 677.2 million RON, administrative cost is 29.6 million RON and commercial expenses 7.12 million RON. The Board has asked shareholders to approve the use of last year"s 8.7 million RON net profit to cover some (8.25 million RON) of the losses from the previous years and to set up reserves (434,300 RON).
Mechel Targoviste is listed on the Bucharest Stock Exchange (BVB) Tier II as COS. The company has a share capital of 172 million RON (51 million EUR, 68 million USD) divided into 68,850,123 shares with a face value of 2.5 RON. The main shareholder is Mechel International Holdings AG with 86.6%.
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