Azomures Plans To Invest EUR43.5M In 2011

04.28.2011 By Andrei Circhelan

Romanian chemical company Azomures (AZO.RO) Thursday approved an investment program worth EUR43.5 million for 2011, which is estimated to reduce the net profit by some 80% on the year.

Romanian chemical company Azomures (AZO.RO) Thursday approved an investment program worth EUR43.5 million for 2011, which is estimated to reduce the net profit by some 80% on the year.

Last year, the company invested EUR4.3 million, and the investment budget for the next three years reaches a total EUR198.8 million.

Following the increase in investment, the company expects a net profit of 32.7 million lei (EUR8 million), compared to RON153.9 million in 2010.

Expenditure should rise 42% this year, to RON1.512 billion, from RON1.061 billion, according to the budget approved Thursday by shareholders.

Revenue is seen up 25%, to RON1.551 billion, from RON1.237 billion last year.

The company is 56.83% owned by Eurofert Investments, while Azomures Holdings LLC holds 19.05% of shares.

Azomures shares were last traded Friday, at RON0.72, up 1.98% on the day. (EUR1=RON4.076)