EnglishBraşov-based IAR Ghimbav ended the first quarter of 2011 with a turnover of 35.5 million lei, more than double compared to Q1 2010 (16.5 million lei). However, the company"s profit fell almost 40%, according to the financial statements submitted to the BSE, from 5.2 million lei to 3.2 million lei.
The company"s revenues increased 49% during the reviewed period, from 18.2 million lei to 27.1 million lei, whereas expenses advanced 84%, from 12.9 million lei to 23.9 million lei. Neculai Banea, the managing director of the company, explained that the increase in turnover is due to the rising number of orders to outfit the helicopters of the Romanian army.
IAR Ghimbav is controlled by the state, which holds 64.89% through the Ministry of the Economy.
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