The ferrous metal producer Laminorul Braila has managed to cut its loses by more than 40% in the first quarter of this year compared with the same period in 2004. By the end of March of this year, the company''s losses had fallen to 260,000 euros (9.7bn ROL) from 435,000 euros (17.6bn ROL) last year. The reduction in losses was chiefly the result of turnover, which increased by around 170% from 0.7 million euros (28bn ROL) to 1.94 million euros (71.8bn ROL). The company report submitted with the RASDAQ, however, indicates that the losses incurred in the first three months of the year were caused by the failure to produce at normal capacity due to the very low level of demand on the domestic market, leading to smaller orders from customers. Additionally, there was also an overrunning of specific raw material and energy consumption. Officials could not be reached for further details. Laminorul is currently under the special administration of the State Assets Resolution Authority (AVAS) and is also undergoing privatisation. ZF
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