IAR Ghimbav Posts 38% Drop In 1Q Profit, To RON3.2M

05.05.2011 By Andrei Circhelan

Helicopter maintenance firm IAR Ghimbav (IARV.RO) posted a net profit of 3.2 million lei (EUR771,000) in the first quarter, down 38% from RON5.2 million in the same interval last year, according to financial results published Thursday.

Sales more than doubled on the year, to RON35.5 million, from RON16.5 million.

Revenue rose 49% to RON27.1 million, while expenditure rose 84% to RON23.9 million.

The company has a share capital of RON47.1 million, divided into 18.8 million shares with a face value of RON2.5. It is 64.89% owned by the Economy ministry.

IAR Ghimbav shares closed Tuesday at RON1.9, down 3.36% on the day. (EUR1=RON4.1065)