Constructor Concefa Sibiu Quarterly Profit Triples On Year, To RON0.15M

05.13.2011 By Florentina Dragu

Constructions company Concefa Sibiu (COFI.RO) Friday said its net profit tripled to 151,000 lei (EUR36,831) in the first quarter, on higher financial income.

Concefa reported turnover of RON12.1 million (EUR2.8 million) in January to March, up 84% on the year.

Net financial profit stood at RON2.9 million (EUR686,000), which more than offset an operating loss of RON2.7 million (EUR640,000).

The operating loss was due to harsh winter conditions, which led to higher heating costs and affected labor efficiency, Concefa said in a statement.

Concefa posted total revenue of RON19 million (EUR4.5 million) in the first quarter, up 31% on the year, while overall costs rose 30% to RON18.7 million (EUR4.4 million).

Concefa has a share capital of RON56.8 million split up into 568.4 milion shares with a face value of RON0.1.

The company is majority owned by its general manager, Horatiu Cercel, with a 54.8% stake, while Cercel's mother, Maria, holds a 16.7% stake.

On the Bucharest bourse Friday morning, Concefa's shares traded up 1.82% at RON0.1344. (EUR1=RON4.0997)