Romania: Argesana Pitesti Posts H1 Net Profit Up at 87,282 RON

Textile producer Argesana Pitesti, a company with a tradition in the Romanian textile industry, set up in 1969, certified on both the domestic and the world markets, ends the first half of the year with a gross profit amounting to 90,153 RON and a net profit standing at 87,282 RON, with a turnover worth 5,502 million RON, according to the company's financial report, ACT Media news agency reports.

The company currently records a low profitableness rate, with the main cause being the non-favourable influence of the RON-euros exchange rate.

Total revenues of the company stood at 6.332 million RON in H1, of which 6.137 million RON are revenues from the exploitation and 195,132 lei financial revenues, with the expenditures amounting to 247,396 RON, of which 5,994 million RON exploitation expenditures and 247,396 lei financial expenditures.

The company's products are Wool Blend licensed, with the production capacity reaching two million sq m per year, also with the help of some investments in the upgrading of the company's main sections: spinning, weaving and finishing.

Late in 2001, the company was privatized, the main shareholder becoming the Argesana Employees Association.



<a href="http://www.actmedia.ro" target="_blank">Source: ACT Media News Agency</a>