English
Condmag SA of Braşov, specializing in the construction of oil, natural gas and water pipelines, ended the first half of the year with 41.17 million lei, down almost 60% YOY, from 99.04 million lei.
Given these circumstances, the net profit of the company fell almost 16.5 times, from 3.1 million lei to 188.964. The total revenues of the company of Braşov shrank almost by half during the reviewed period, from 101.01 million lei to 50.71 million lei, whereas expenses shrank from 97.2 million lei to 50.33 million lei.
Last month, Condmag announced that it has begun work on setting up pipelines for OMV Petrom, based on a contract of 12.5 million lei (approximately 3 million Euros). The works began about two months ago and will last four months. The services will consist of assembling pipelines and their afferent couplings.
Dafora Mediaş, the main shareholder of the company, has also concluded a contract of 23 million Euros with OMV Petrom. The contract stipulates services drilling oil and natural gas wells, on land, all over Romania.
The largest shareholder of Condmag is businessman Gheorghe Călburean, who owns 45.82% of the company through Dafora. Călburean is also the Chairman of the Board of Condmag and Dafora.
Another important shareholder of the Condmag is the OGBB A Van Herk investment fund, registered in Holland (10.91%).
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