Transilvania Constructii Plans RON13M Invest In 2011

04.22.2011 By Andrei Circhelan

Romanian construction company Transilvania Constructii Cluj-Napoca (COTR.RO) plans to invest 12.75 million lei (EUR3.1 million) this year, from its own resources and EU funds, according to a report posted Friday on the Bucharest bourse.

Romanian construction company Transilvania Constructii Cluj-Napoca (COTR.RO) plans to invest 12.75 million lei (EUR3.1 million) this year, from its own resources and EU funds, according to a report posted Friday on the Bucharest bourse.

Shareholders decided Wednesday that the company can access bank loans worth up to RON20 million and EUR10 million. They also approved the financial results for 2010 and the budget for 2011.

Thus, the company expects revenue of RON78.5 million in 2011, up 81% on the year, while net profit should jump to RON5.1 million, from RON335,000 in 2010.

Sales are expected to rise 48% in 2011, to RON52.7 million, from RON35.5 million.

Company stock closed Tuesday at RON33.03 per unit, flat on the day. Its shares are traded in second tier of the Bucharest Stock Exchange.

Stockholders include Mircea Timofte, with 30.14%, Gabriela-Camelia Timofte, with 29.46%, regional investment fund SIF Banat-Crisana (SIF1.RO) with 19.04% and privatization authority AVAS with 3.17%. (EUR1=RON4.0906)