Uztel 1Q Loss Narrows To RON2.6M Vs RON3.3M

05.12.2011 By Florentina Dragu

Romanian oilfield equipment manufacturer Uztel Ploiesti (UZT.RO) Thursday said its net loss narrowed to 2.6 million lei (around EUR0.5 million) in the first quarter, helped by higher revenues.

In January to March last year, Uztel reported a loss of RON3.3 million.

Uztel said total revenue rose 32% on the year to RON25.87 million in the first quarter, while overall costs were up 24.4% to RON28.49 million.

The company's turnover stood at RON14.9 million, up nearly 79% on the year.

Uztel has a share capital of RON11 million split up into 4.4 million shares with a face value of RON2.5.

According to the most recent data, Uztel is majority owned by the employees' association, with an 81.22% stake.

The company filed for insolvency last year, because it couldn't find a viable strategy to jump-start operations, which were hit hard by the economic and financial crisis.

Uztel estimates it will swing to net profit of RON7.2 million in 2011, versus a loss of RON17.6 million in 2010.

Uztel's shares were last traded in Bucharest in August 2010 at RON2.25 a unit, down 10% on the day. (EUR1=RON4.0997)