Revenue down 14% for Aages in the first three quarters of the year

The manufacturer of induction heating installations Aages Târgu Mureş (AAG) obtained, in the first nine months of the year, operating revenues of 31.8 million lei, 14% below those of the January-September 2022 period, and a net profit of 4 .3 million lei, down 33%, according to the company's report published yesterday on the website of the Bucharest Stock Exchange (BVB).

The net turnover amounted to 27.7 million lei, 3% above that of the first nine months of last year, mainly due to the increase in income from works performed and services provided, as well as income from the sale of goods. On the other hand, the revenues related to the production in progress were almost 4.1 million lei, 57% below those of the January-September 2022 period.

In the first nine months of the year, Aages' operational expenses amounted to 26.9 million lei, down by almost 9% compared to the same period of the previous year. Materials and goods expenses amounted to 12.4 million lei, 22% below those in the first nine months of last year, while personnel expenses were 10.2 million lei, up 11% , compared to those in the first three quarters of last year.

Under these conditions, Aages Târgu Mureş recorded an operating profit of 4.9 million lei in the January-September 2023 interval, 36% below that of the first nine months of last year, a result that was eroded by net financial costs of almost 0 .4 million lei.

The company's majority shareholder is AAGES Head Invest, with a 55% stake in the manufacturer of induction heating installations, a company whose stock market valuation is around 37 million lei.