Turbomecanica profit goes to shareholders

The Board of Directors of the aircraft engine and mechanical subassemblies producer Turbomecanica Bucharest proposes its shareholders a gross dividend of 6,348 ROL/share, which accounts for about the entire last year's net profit. Individuals will get 6,030 ROL/share in net dividend, while legal entities will get 5,713 ROL/share (the gap is due to the tax difference). Turbomecanica in 2002 registered 94.2bn ROL ($2.9 million) in net profit, that is 6,374 ROL in earnings per share. Profits last year went down about 10% in real terms compared with the previous year. Turbomecanica was indirectly hurt by the September 11 terror attacks, just like the entire aerospace industry. Under the circumstances, turnover went down 5% in real terms last year, to 568bn ROL ($17.2 million). The company endorsed a restructuring programme comprised of both retooling and personnel cutbacks early this year, in an attempt to adjust to the new market conditions, its officials explained. ZF