Romvag Sales Dive To RON50M In 2010

05.04.2011 By Andrei Circhelan

Romanian rolling stock maker Romvag Caracal (ROMJ.RO) posted sales of 49.8 million lei (EUR11.8 million) in 2010, compared to RON276.1 million in 2009, according to financial results published Wednesday.

The bankrupt company thus widened its loss by 15% on the year, to RON35.5 million.

Revenue dropped to RON56.1 million, from RON263.8 million, while expenditure narrowed to RON91.6 million, from RON294.6 million.

The company is 70.51% owned by businessman Cristian Burci, through International Railway Systems, while regional investment fund SIF Oltenia (SIF5.RO) holds a 27.93% stake.

Romvag has a share capital of RON12.9 million, divided into 5.1 million shares with a face value of RON2.5. (EUR1=RON4.1127)