VES Sighisoara Sees 2011 Net Profit Rising To RON1.45M

04.29.2011 By Andrei Circhelan

Romanian pots and stoves maker VES Sighisoara (VESY.RO) estimates a net profit of 1.45 million lei (EUR356,000) this year, compared to RON116,500 in 2010, the company said Friday.

Romanian pots and stoves maker VES Sighisoara (VESY.RO) estimates a net profit of 1.45 million lei (EUR356,000) this year, compared to RON116,500 in 2010, the company said Friday.

Sales are expected to rise 9% to RON48.51 million in 2011, from RON44.5 million in the previous year, according to VES's revenue and expenditure budget approved Wednesday by its stockholders.

However, revenue is seen slightly down at RON48.51 million, from RON49.9 million in 2010, while overall costs are also seen down to RON46.6 million, from RON49.76 million.

Company shareholders include Chimsport Orastie, owned by VES board president Alexandru Farcas, with 28.43%, while brokerage firm WBS Securities holds a 9.09% stake. (EUR1=RON4.0744)