Transilvania Constructii 1Q Net Profit Up 32% On Year

05.13.2011 By Florentina Dragu

Romanian construction company Transilvania Constructii (COTR.RO) Friday said its net profit rose 32% on the year to 153,000 lei (about EUR37,000) in the first quarter, despite lower sales.

Transilvania Constructii said total sales fell 23.6% to RON5.8 million in the first three months, from RON7.5 million a year earlier.

The company posted total revenue of RON7.7 million, down 12.5% on the year, while overall costs fell 12.7% to RON7.5 million.

Transilvania Constructii is majority owned by Mircea and Gabriela Timofte, with a 59.58% cumulated stake. Romania's Privatization Authority AVAS owns a 3.1% stake in the construction company, while regional investment fund SIF Banat-Crisana (SIF1.

On the Bucharest bourse Thursday, Transilvania Constructii closed down 0.29% at RON33.9 a share. (EUR1=RON4.0997)