Archive » May 2009 » 07 May 2009 The english news from 07 May 2009
Romanian insurer Astra Asigurari boosts gross profit four-fold y/y in Q1, following hike in business
Insurance company Astra Asigurari, owned by businessman Dan Adamescu, hiked its gross profit four times in the first quarter compared to the same period last year to 4.33 million lei, following business growth, the company announced. The insurer had a gross profit of 1.05 million lei in the first quarter of 2008…
Electrica is short of cash in spite of record profit
Romania's largest state-owned company, Electrica energy transporter, is facing a severe shortage of liquidities, in spite of a record-high €489 million in gross earnings and €1.6 billion in turnover in 2008. The company's financial difficulties are due to high arrears for electricity supplies from some of Electrica's top clients, including the state-owned Caile Ferate Romane (CFR) railway company and the Oltchim chemical plant…
Foreign Contribution To Romanian Cos Shr Cap At EUR1.1B In 1Q
Foreign investments as contributions to the share capital of Romanian companies totaled around EUR1.1 billion in the first quarter of 2009, down 20% from EUR1.39 billion in the corresponding period a year earlier, according to Trade Registry data. In March alone, parent companies invested around EUR230 million in their Romanian units, almost double from EUR125 million in March 2008, but half compared with EUR446 million in February 2009…
BNR cuts key rate to 9.50 pc
The Romanian National Bank's (BNR) Board of Directors decided on Wednesday to cut the key rate to 9.5 percent from 10.0 percent per annum, starting May 7. It also decided to use actively the market operations with a view to appropriately managing the banking system's liquidities and keeping the rate of the mandatory minimal reserves applicable to the national leu currency liabilities as well as to the forex liabilities belonging to the crediting institutions, the BNR said in a release…