Revenue and profit down for Comelf at the end of September

The manufacturer of equipment and machinery for the energy industry Comelf Bistrita (CMF) obtained, in the first three quarters of the year, operating revenues of 128.9 million lei, 8.5% below those of the same period last year, while the profit net was 2.3 million lei, down 8.2%, according to the company's report published yesterday on the website of the Bucharest Stock Exchange (BVB).

The decrease in revenues was influenced by (i) the decrease in the selling price per ton of the products by 6.45%, against the background of the reduction in the purchase price of the metal and (ii) the decrease in the physical volumes sold by 4.51%, as a result of the decrease in orders in the first part of the year, in the global economic context marked by a decrease in demand, especially in the terracotta sector, according to the report.

On the other hand, Comelf's total expenses amounted to 120.8 million lei, in the first nine months of the year, 8.8% below those of the first nine months of the year. Personnel expenses increased by 6.5%, up to 44.1 million lei, against the background of salary indexation by 10% starting from February 2024, in the context of inflation in 2023, of 12.24% and the increase of the minimum wage to 3,700 lei starting from July 2024. Expenditures for raw materials and other material expenses were 52.4 million lei, down 24%, while expenses for amortization and depreciation of fixed assets amounted to 5.9 million lei, slightly over those from January-September 2023.

"The profit of the period decreased insignificantly in the first nine months of 2024 compared to that made in the similar period of the previous year, although, if we reduce the profit made in 2023 by the amount of 1.1 million lei, related to an outstanding debit, provisioned in a previous fiscal period, fully collected in January 2023, results in an increase in the profit related to the activity of 2024", according to the company's report.

In the middle of the year, the Uzinsider group of companies controlled by businessman Constantin Savu had 80.93% of Comelf Bistriţa.