Electrocarbon Sees 73% Fall In 2011 Pretax Profit

04.19.2011 By Florentina Dragu

Romanian electrode maker Electrocarbon Slatina (ELNG.RO) estimates its pretax profit will drop 72.6% to 4.9 million lei (EUR1=RON4.091) in 2011, from nearly RON18 million a year earlier, despite growing sales.

Romania's leu is bound to strengthen against the euro on the long run, once living standards improve, Kaspar Richter, senior economist at the World Bank (WB) told MEDIAFAX Tuesday.

Electrocarbon eyes total sales of RON220 million, up 31% on the year, according to the company's 2011 revenue and expenditure budget.

The company scheduled total investments worth RON24.6 million in 2011.

Electrocarbon is 50.8% owned by Laurentiu Vasile Dascalu, through Vivaio Campina. Other shareholders include Metaleuroest with 21.3% and Ekomin Titu with 20.5%.

On the Bucharest bourse April 14, Electrocarbon closed down 1.1% at RON2.7 a share.