Romanian Iproeb Bistrita Puts 280 Employees On Tech Unemployment

Romanian electric cable producer Iproeb Bistrita (IMRU.RO) will put 280 of its 653 employees on technical unemployment in January, due to lack of orders, the company stated Friday.

The company reported revenues of 115.45 million lei (EUR1= RON4.2127) in the first nine months of 2008, down 13.7% from RON133.88 million in the corresponding period a year earlier.
 
In the same period, Iproeb also reported a turnover of RON112.14 million, down 14.8% from RON131.71 million, while its net income was 35.1% lower, from RON22.11 million to RON14.34 million.
 
According to the latest data, Electromontaj owns a 30.79% stake in Iproeb, while Cyprus-based investment fund RC 2 owns a 5.83% stake. Private investors own the rest of the shares.
 
On Bucharest Stock Exchange Friday, shares of Iproeb Bistrita closed at RON0.945, thus the company's capitalization stands at RON44.9 million.

Mediafax