Uztel Expects Swing To RON7.2M Profit In 2011

04.27.2011 By Andrei Circhelan

Romanian machinery maker Uztel Ploiesti (UZT.RO) expects to switch to a net profit of 7.2 million lei (EUR1.77 million) this year, after a loss of RON17.6 million in 2010.

Romanian machinery maker Uztel Ploiesti (UZT.RO) expects to switch to a net profit of 7.2 million lei (EUR1.77 million) this year, after a loss of RON17.6 million in 2010.

Revenue is seen up 54%, to RON112.6 million, from RON73.1 million in 2010, according to the budget approved by shareholders Tuesday.

Furthermore, the company plans to invest RON1 million this year.

The company is 83.8% owned by the employees association, and it has gone bankrupt last year, unable to stabilize its activity under the economic crisis.

The loss seen in 2010 should be recovered within seven years, according to the company.

Uztel shares were last traded in August 2010, at RON2.25 per unit. (EUR1=RON4.0767)

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