Romanian carmaker Automobile Craiova lifts last year's net profit by 28% y/y, on cut in spendings

Net profit of Romanian carmaker Automobile Craiova (AUCS) hiked 28 percent last year versus the previous to 1.86 million lei, on lower expenses, according to results sent to the local bourse.

The carmaker had a net profit of 1.46 million lei in 2007.

Its revenues amounted to 9.55 million lei in 2008, down 7.3 percent versus the 10.3 million lei posted in the previous year. Spendings were cut by 12.3 percent to 7.22 million lei, from 8.24 million lei in 2007.

Automobile Craiova saw a 7.3 percent year-on-year decline in business last year to 9.25 million lei. Its turnover stood at 9.98 million lei in 2007.

The company is majority owned by American car producer Ford Motor Company, which took over a 72.4 percent stake from the Romanian government on March 21, in exchange of 57 million euros. Romanian financial company SIF Oltenia (SIF5) controls 22.06 percent shares.

Automobile Craiova shares are traded at the Rasdaq over-the-counter market, the XMBS section, under the symbol AUCS. It has a capitalization of 278.48 million lei at a trading value of 15 lei established today.

NewsIn