Armax Gaz 1Q Pretax Profit Falls To RON1.5M

05.09.2011 By Andrei Circhelan

Romanian oil and gas equipment maker Armax Gaz Medias (ARAX.RO) Monday reported a pretax profit of 1.5 million lei (EUR366,000) in January to March, 38.6% less than RON2.5 million in the same period of 2010.

Turnover rose 12.8% to RON33.4 million, from RON29.6 million in the first quarter of 2010, mainly based on increased output and higher revenue from sales.

Revenue was flat at RON32.9 million, while expenditure rose 3.5% to RON31.4 million, the company said in its financial report.

The company is 40.19% owned by general manager Mircea Simion Vescan, while the remaining 59.8% is traded on the Bucharest bourse.

Armax shares closed down 0.13% Monday, at RON0.1582. (EUR1=RON4.1039)