Brick Maker Cemacon Plans To Switch To RON2.5M Profit In 2011

04.28.2011 By Andrei Circhelan

Romanian brick maker Cemacon Zalau (CEON.RO) expects sales to reach 58 million lei (EUR14.26 million) and a switch to a net profit of RON2.5 million, according to the company’s budget published Thursday.

Romanian brick maker Cemacon Zalau (CEON.RO) expects sales to reach 58 million lei (EUR14.26 million) and a switch to a net profit of RON2.5 million, according to the company's budget published Thursday.

Last year, the company posted sales of RON22.1 million and a net loss of RON697,000.

Revenue should rise 63% on the year, to RON69.1 million, while expenditure is seen up 54%, to RON66 million, according to the budget approved by the company's shareholders.

Cemacon plans to invest RON3.4 million in 2011, almost half of last year's RON6.4 million investment budget.

Shareholders also reconfirmed four board members, namely president Tiberiu Stratan and members Ioan Crehul, Stefan Elekes and Miron Martin. A fifth member, Sergiu Mihalca, was newly appointed to the board.

Cemacon has a share capital of RON24.4 million, divided into 244.3 million share with a face value of RON0.1.

Brokerage firm SSIF Broker Cluj (BRK.RO) holds an 11.1% stake in the company, while Eurorom Trade & Investment and SIF Muntenia (SIF4.RO) hold 5% stakes each.

Cemacon shares were last traded Tuesday at RON0.096, down 2.93% on the day. (EUR1=RON4.076)