Electrocarbon's 1Q Net Profit Up 69% To RON2.7M

05.17.2011 By Florentina Dragu

Romanian industrial electrodes maker Electrocarbon Slatina (ELNG.RO) Tuesday said its net profit rose nearly 69% on the year to 2.7 million lei (roughly EUR657,000) in the first quarter, on higher sales.

In January to March 2010, Electrocarbon reported net profit of RON1.6 million.

The company said total sales rose 17% to RON38.9 million, from RON33 million in the first quarter of 2010.

Electrocarbon posted overall revenue of RON44.5 million in the first quarter, up 32% on the year, while total costs increased 30% to RON41.2 million.

Local company Vivaio Campina holds a 50.8% stake in Electrocarbon, while Metaleuroest holds 21.3% of its shares.

On Rasdaq market Tuesday, Electrocarbon closed down 6.9% at RON2.41 a share. (EUR1=RON4.1051)