Oil Pipe Maker Condmag Eyes 5% Rise In 2011 Revenue, To RON210M

04.28.2011 By Andrei Circhelan

Romanian oil and gas pipe maker Condmag Brasov (COMI.RO) expects revenue of 210 million lei (EUR51.63 million) this year, up 5% from RON200.4 million in 2010, the company said Thursday in a statement sent to the Bucharest stock exchange.

Romanian oil and gas pipe maker Condmag Brasov (COMI.RO) expects revenue of 210 million lei (EUR51.63 million) this year, up 5% from RON200.4 million in 2010, the company said Thursday in a statement sent to the Bucharest stock exchange.

It said overall costs are estimated to rise 5% on the year, to RON195 million.

Thus, the gross profit is seen at RON15 million, up 5% on the year.

This year, the company plans to invest EUR10 million, lower than EUR11 million in 2010.

Condmag will keep RON11.3 million from last year's net profit, of RON11.7 million, as financing resource.

The company has a share capital of RON38.1 million, divided into 381.3 million shares with a face value of RON0.1.

Local businessman Gheorghe Calburean holds 45.82% in Condmag, through Dafora. Dutch-registered investment fund OGBB A Van Herk holds a 10.91% stake.

Condmag shares were last traded Tuesday, at RON0.38, flat on the day. (EUR1=RON4.076)