English
SEF Petroforest - Piatra Neamt SA (RASDAQ:SEPE) has decided that the 28,696 lei profit made in 2007 be used to cover losses from previous years without distributing any dividends. SEF Petroforest"s profit declined substantially from 2006, when the company reported a net profit 3,315,167 lei. A year before, the company reported losses of 11,611,466 lei.
Last year"s weaker results were caused by higher prices for raw materials, fuel and workforce. At the end of 2007, the company borrowed 474,000 lei from BCR in order to pay due taxes to the State. Previously, SEF had extended a 525,000 lei credit line taken for operting capital.
The budget for this year inlcudes a projected revenue of 30,750,000 lei and expenses of 23,360,000 lei. The estimated profit is therefore 7,390,000 lei. SEF is a wood processing company controlled by Leonte Romelcom SRL and Moldinstal SRL with equal stakes of 32.9%.
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