Romanian trader Uzinexport logged preliminary net profit of 20bn ROL ($600,000) in 2003, over ten times lower than the 256.24bn ROL in the previous year. Due to its interests in an increasing number of companies, Uzinexport has become more like an investment vehicle instead of a trader in the last few years. The drop is entirely accounting-related, due to risk provisions worth 250bn ROL, which the company made to cover possible losses generated by the litigation cases involving Uzinexport at the moment. Had it not been for those provisions, the company's gross 2003 profit would have reached 366bn ROL ($11 million), almost equal to the 369bn ROL in the previous year. Provisions included, the preliminary gross profit for 2003 is 116bn ROL. These provisions are not tax deductible, which means Uzinexport will be paying 96.68bn ROL (83% of the gross profit) as profit tax. The preliminary 2003 net profit is therefore worth a mere 20bn ROL. Uzinexport saw another decline, yet not that drastic, in revenues. It logged total preliminary revenues of 554.49bn ROL ($17 million) in 2003, 10% lower than the year before. ZF
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