Electroputere Sees RON12.8M In 2011 Net Profit

04.27.2011 By Florentina Dragu

Romanian electric engine maker Electroputere Craiova (EPT.RO) estimates it will swing to profit in 2011, after five consecutive years of losses.

Romanian electric engine maker Electroputere Craiova (EPT.RO) estimates it will swing to profit in 2011, after five consecutive years of losses.

Electroputere forecasts a net profit of 12.8 million lei (EUR3.14 million), from a loss of RON7.3 million in 2010, according to the company's revenue and expenditure budget.

The company estimates total sales of RON337.1 million in 2011.

Electroputere is majority owned by Saudi Al-Arrab Contracting Company Limited, with an 86.28% stake.

On the Bucharest bourse Tuesday, Electroputere closed down 6.41% at RON0.073 share. (EUR1=RON4.0767)