Electroarges 1Q Net Profit Rises To RON2.7M

05.12.2011 By Florentina Dragu

Romanian home appliance manufacturer Electroarges Curtea de Arges (ELGS.RO) Thursday said its net profit rose 44% on the year to 2.71 million lei (EUR0.66 million) in the first quarter, on higher exports.

In the first three months of 2010, Electroarges reported net profit of RON1.8 million.

Electroarges said total sales rose 30% on the year to RON35.5 million in January to March, fueled by exports.

The company said total exports increased to 95.6% of total sales at the end of March, from 88.6% of total in December a year earlier. The bulk of exports go to EU states, Electroarges said in its financial report.

Electroarges reported total revenue of RON36.14 million in the first quarter, up 32% on the year, while overall costs rose 30% to RON32.91 million.

On the Bucharest bourse Monday, Electroarges closed up 1% at RON0.59 a share. (EUR1=RON4.0997)