Aerostar Bacau reports double net profit after first 9 months

Aerostar Bacau has reported a doubling of the net profit in the first 9 months of this year, to 59.82 million lei, as opposed to 26.98 million lei in the similar period of last year, according to a report sent by the company to the Bucharest Stock Exchange. 

In the period of January-September, the company recorded a turnover growth of 6.4 percent, from 223.79 million lei in the first 9 months of the previous year, to 238.16 million lei. Export sales were cut to 180.79 million lei, from 182.96 million lei. 

The total revenues of Aerostar went up by 6.4 percent, from 257.25 million lei, to 273.77 million lei, and total expenses were cut by 6.4 percent, from 222.59 million lei to 208.33 million lei. 

Expenses for investments from own sources totaled 23.59 million lei, rising by 100 percent, as opposed to the similar period of 2017. 

On 30 September 2018, the actual number of staff was 1,999 employees, of which 1,868 own employees and 131 temporarily employed. From their own employees, a number of 179 are in management positions. 

Founded in 1953, Aerostar makes aviation products, repairs and modernizes airplanes, produces and integrates air and ground systems with civil application in defence and security. 

The shares of the company have been traded on the Bucharest Stock Exchange since 1998. 

On March 31, Aerostar had a market capitalization of 746.159 million lei. The shareholders of the company are SC IAROM, with 71.2963 percent of the shares, SIF Moldova - 15.0514 percent and other shareholders - 13.6523 percent.