English
Doru Mocanu,
IaŞi
Ceramica SA Ia i (CERE on the Bucharest Stock Exchange) posted a net profit of 551.571 in Q1 2009, four times lower YOY, down from 2,432,538 lei. The company"s turnover remained pretty much constant, dropping slightly YOY from 11,756,564 in Q1 2008 to 11,687,617 lei in Q1 2009. Operating revenues dropped steeply, to 9,616,515 lei, down from 13,807,400 lei. Even though operating expenses dropped from 11,379,841 lei (in Q1 2008) to 8,905,612 lei (in Q1 2009), this didn"t help the company narrow the gap in operating revenues. The operating profit for Q1 2009 dropped from 2,427,559 lei in Q1 2008, to 710,903 lei YOY. The company"s total revenues in Q1 2009 amounted to 10,454,287 lei, whereas total expenses amounted to 9,902,716 lei.
The company"s Q1 2009 net profit of 551.571 lei, was dragged down by the 159,332 lei financial loss, caused by the substantial increase of financial expenses.
The company"s current ratio of 0.58, shows that current assets have trouble covering current liabilities. However, this is due to the fact that the company has large ongoing investments. The gearing ratio is 45.82 (calculated as the ratio between the borrowed funds and the company"s own equity) and 31.42 (when considering the borrowed capital to invested capital ratio). The Ia i-based brick maker takes on average 9.07 days to collect accounts receivables.
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