EnglishAerostar Bacău (ARS), specializing in the construction and maintenance of aircraft, posted a net profit of 2.7 million lei in the first quarter (approximately EUR 660,000), up 78% YOY, from 1.5 million lei. The company"s revenues increased 6% in the first quarter, from 33.6 million lei to 35.5 million lei, while expenses only increased 2%, from 31.5 million lei to 32.3 million lei. Over the same period, turnover of Aerostar rose slightly, from 31 million lei to 31.1 million lei. In the first three months of the years, the average number of employees of the company dropped from 1,495 to 1,302.
Last month American company Textron Marine & Land Systems announced that it would cooperate with Aerostar Bacău on manufacturing armored security vehicles (ASV) and armored personnel carriers (APC) to help retool the Romanian Ground Forces.
Aerostar Bacău is controlled by Iarom Bucureşti, which owns 71.09% of the shares, and SIF Moldova holds 11.32% of the shares. Shareholders of Iarom include the chairman of the Board of Directors and the general manager of Aerostar, Grigore Filip, and two other individuals, Mihail Nicolae Toncea and Doru Damaschin.
Also last month, the shareholders of the company based in Bacău approved the contracting of other loans of 27.4 million lei, to finance its temporary treasury deficit and to extend its manufacturing capabilities.
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