Aerostar Net Profit Rises 21% To RON4.3M In January-September

11.04.2011 By Florentina Dragu

Romanian aircraft builder Aerostar Bacau (ARS.RO) Friday said its net profit rose 20.8% on the year to 4.28 million lei (a little over EUR1 million) in the first nine months, despite lower sales.

Aerostar reported total sales of RON100.4 million in January through September, down 3.2% on the year.

The company said revenue fell 3% to RON114.8 million in the first nine months, while costs declined 5.4% on the year to RON107 million.

Aerostar is 71.09% owned by Iarom Bucuresti, while regional investment fund SIF Moldova (SIF2.RO) holds a 12.13% stake.

On the Bucharest bourse Wednesday, Aerostar closed up 0.21% at RON0.95 a share. (EUR1=RON4.3585)