Contor Group Swings To RON1.6M Loss In First Quarter

05.13.2011 By Andrei Circhelan

Romanian measuring device maker Contor Group (CGC.RO), which went bankrupt early-May, posted a net loss of 1.6 million lei (EUR390,000) in the first quarter, compared to a net profit of RON729,000 in the same interval of the previous year.

First quarter sales dropped 43% on the year, to RON6 million, from RON10.6 million.

Total revenue fell 33% to RON8.2 million, while expenditure declined 12% to RON9.9 million, according to the company's financial report.

Company shareholders recently held majority holder and president-general manager Tudor Caracioni responsible for the company's bankruptcy, and replaced him with Marta Sas, since his mandate was ceased.

Contor Grup filed for bankruptcy in April, unable to pay its debts since sales dropped.

Caracioni holds 61.4% in the company, through Contor Caracioni, according to the latest data.

Contor Group has a share capital of RON19.3 million, divided into 193.8 million shares with a face value of RON0.1.

Company shares were last traded on May 5, at RON0.24, up 0.84% on the day. (EUR1=RON4.106)