Carbid-Fox posts 1.43m-euro losses in Q1

Carbid-Fox Tarnaveni, the only carbide producer in Romania, registered losses worth 1.43 million euros (4.98 million RON) in the first quarter of this year, almost a four-fold increase against last year. The turnover stood at 2.97 million euros (10.3 million RON) in the first three months, a 45% drop against the same period of the last year. Company revenues saw a huge decrease against the first quarter of 2005, to 1.48 million euros (5.28 million RON). In comparison, total expenditures witnessed a mere two-fold decline, to 2.88 million euros (10.2 million RON). The company management had trouble paying for the electric power bills; it discontinued production at the beginning of this year due to the electricity supplying being cut off. The main shareholder of the company is the Employees Association, which owns 33% in Carbid Fox Tarnaveni. ZF