Pipe Maker Condmag Switches To RON4.5M Loss In 1Q

05.12.2011 By Florentina Dragu

Romanian oil and gas pipe maker Condmag Brasov (COMI.RO) on Thursday said it switched to a loss of 4.5 million lei (roughly EUR1.1 million) in the first quarter, from profit a year earlier, due to declining sales.

In January to March 2010, Condmag reported a net profit of RON2.6 million.

Condmag said total sales fell to RON11.5 million in the first quarter, from RON52.4 million in the same period of 2010.

Revenue stood at RON16.8 million, down over threefold on the year, while expenditure halved to RON21.3 million.

Dafora (DAFR.RO) controls 44.6% of Condmag shares, while Dutch fund OGBB A Van Herk holds a 10.8% stake.

Thursday, Condmag's shares closed down 1.26% at RON0.33 in Bucharest. (EUR1=RON4.0997)