Restructuring drives Turbomecanica into the black

Ziarul Financiar 02.08.2009
Turbomecanica Bucuresti, component manufacturer for the aeronautic industry, went back into the black in the first six months of the year, reporting a net result of 470,000 RON (112,000 euros), after the company registered record losses of 28.9m RON (7.8m euros) last year. Turnover went up by 19.5% from the first half of 2008, to 27.4m RON (6.5m euros). The figures are pointing to an improving situation in Q2 despite the unfavourable economic background, and are due to the restructuring process the company embarked upon last year, when it coped with a steep turnover downturn. Turbomecanica in Q2 registered income worth around 1.7m RON, compared to losses of 1.2m RON in Q1, while the company’s turnover went up to 19m RON from the 9.9m RON it had posted in the first three months of the year. Despite returning to profit at an operational level, Turbomecanica is having further troubles in terms of financing, as liquidities in H1 fell to a level of 200,000 RON from 1.3m RON at the beginning of the year.