English
Sometchim SA Iaşi (symbol: SOME, on the Rasdaq tier of the Bucharest Stock Exchange) reported turnover worth 207,212 lei, coming exclusively from the rental of its properties. The company"s revenues from rents dropped compared to numbers for H1 2008 (238.259 lei), as the company lost several of its tenants. In spite of this, Sometchim SA reported 209,237 lei in operating revenues and 158,483 lei in operating expenses, which resulted in an operating profit of 50.754 lei. The company"s H1 2008 operating profit was 102,651 lei. Financial results had an insignificant contribution to the company"s bottom line, therefore Sometchim SA posted a net profit of 41,681 lei, 2.5 times lower than last year"s similar period when it amounted to 101,833 lei.
At the end of the reporting period, the company had accrued 689,132 lei in debts, of which 608,340 lei in debt to the state budget. The company is waiting for the issue of the Appendix to the Common Government Order for the reduction or cancellation of state budget debt, according to the terms of the company"s privatization contract.
The company also had receivables worth 227,282 lei, with the company"s largest debtor being Grand Orient SRL of Iaşi, which accounted for 57% of the receivables of Sometchim, which called for the bankruptcy of Grand Orient SRL.
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