(story to be published in tomorrow's issue, March 9)
Forecasts on turnover of Electroputere for 1999 were exceeded by about 20 percent, the company posting 796.40 billion lei, shows the company in a release. "In 1999, Electroputere exported about 45 percent of its output worth a total of 361.16 billion lei. The best performing division of the company was the power transformation division, which posted a turnover of 251.16 billion lei, over 80 percent coming from exports," Irinel Stoichita, an output engineer for Electroputere, told Ziarul Financiar. At the beginning of last year, the company estimated a turnover of 667 billion lei. The main export destinations in 1999 were Syria and Greece, with which Electroputere has a delivery contract for two years. Moreover, said the quoted source, for the first time in its history, Electroputere managed to export in Canada, a country with a long tradition in this field. The company delivered a power transformer of 175 MWA. Over the first two months of this year, Electroputere posted a turnover amounting to 143.83 billion lei, over 54 percent of this amount being represented by export revenues. Over this period, the company obtained export revenues worth 77.67 billion lei. Revenues were mainly derived from the delivery of 135 MWA transformers to Syria and two 50 MWA transformers to Greece. Over the first part of this year as well, the best performing section of the company was the power transformers division which managed exports amounting to 46.85 billion lei, against the background of a total turnover of 59.56 billion lei. This division is, according to sources within Electroputere, the most active section of the company, transformers produced here being well sold abroad. The division usually exports about 80 percent of its output. Electroputere has a share capital of 122.86 billion lei, divided into shares with a nominal value of 1,000 lei. The main stake is held by the State Ownership Fund, with 62.2 percent of the shares, the rest of the stock belonging to small shareholders (37.8 percent). Net profit of the company in 1998 stood at 4.81 billion lei, but no dividends were granted. The company operates in the machinery construction industry, being specialised in the production of engines, power generators and transformers. Electroputere shares have been traded on the second tier of the Bucharest Stock Market since December 24, 1998, the reference price registered over the last trading session on Tuesday, being 293 lei/share.
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