The full automation of three cement plants and a portfolio of clients comprising General Electric and ABB have pushed the revenues of industrial automation company Imsat Bucharest up 80% in the first half. Also, Imsat posted 679 billion ROL ($20m) turnover during the same interval.
"This is one of the best years ever in the history of the company, which shows not only in the financial results, but also in the works we have to complete by yearend," Stefan Varfalvi, Imsat chairman, said.
Imsat logged 14 billion ROL profit in the first six months of 2003, triple the figures posted last year. Company managers claim profit is to increase even more in the second half this year.
The company is in the middle of construction and automation works for three cement plants: in Jordan (held by French group Lafarge), in Honduras and in Romania - the Alesd-based factory owned by the Swiss company Holcim. All three contracts will be finished in the second half of the year, meaning that profit will amount to $1.5 million by yearend, while total turnover will increase up to $34 million, according to Varfalvi.
Some of the General Electric turbines are provided with control panels produced by Imsat. The long-term collaboration between GE and Imsat began two years ago and the Romanian company is already working on next year's order for the US giant. Imsat also derives revenues from the collaboration with the Romanian National Railway Company (CNCFR).
Imsat owns the main stake (90%) in the engine and power generator producer UMEB Bucharest. The consolidated results of the Imsat - UMEB group point to 834 billion ROL turnover and 15.5 billion ROL net profit in the first half of the year.
vlad.nicolaescu@zf.ro
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