Cristescus' Foraj Sonde Net Profit Slides In First Quarter

05.16.2011 ZF English

Romanian oil and gas services company Foraj Sonde Craiova (FOSB.RO) Monday posted a net profit of 371,117 lei (about EUR90,000) in January to March, down from RON974,236 in the same period a year ago.

The company's revenue fell 18.8% on the year to RON20.9 million, while overall costs were down 16% to RON20.4 million.

Foraj Sonde's turnover rose 2.2% to RON21.2 million, from RON20.7 million in January-March 2010, the company said in its financial report.

The company is controlled by brothers Marius Valentin Cristescu and Emil Cristescu.

Its shares were last traded on the Bucharest bourse on May 13, at RON0.21, flat on the day. (EUR1=RON4.1054)