August 16 (SeeNews) - Romanian aerospace company IAR Brasov [BSE:IARV] said on Wednesday its net profit decreased 11% on the year to 14.92 million lei ($3.8 million/3.3 million euro) in the first six months of 2017.
Turnover jumped 54% year-on-year to 85 million lei in the period under review on the back of increased number of orders, IAR Brasov said in a statement filed with the Bucharest Stock Exchange, BVB.
The company's total assets amounted to 291 million lei at end-June 2017, up from 229 million lei a year earlier.
IAR's production capacity load rate was 118% at end-June.
In April, IAR Brasov and Airbus Helicopters signed an exclusive cooperation agreement for production of the H215M multi-role helicopter in Romania. Thus, IAR became the prime contractor for any further H215M order of Romania's defence ministry in order to replace the country's ageing fleet of helicopters.
IAR and Airbus Helicopters' partnership dates back to 2002, when they set up a joint venture company, Eurocopter Romania, which carries out the maintenance and repairs of helicopters.
At the end of 2016, IAR signed a 313.1 million lei contract with the defence ministry for an upgrade of IAR 330L PUMA helicopters.
IAR Brasov is an aerospace company founded in 1925. It is based in Ghimbav, near Brasov, in central Romania and generated revenues of 34 million euro ($36.1 million) in 2016. The company employs around 316 and carries out maintenance, repairs and upgrades of military helicopters and supply of spare parts.
IAR Brasov made its debut on the main market of the Bucharest Stock Exchange (BVB) in July 2015, moving from the over-the-counter market Rasdaq. More than 64% of the company shares are owned by the Romanian state.
IAR shares were traded 3.94% up at 7.92 lei as at 1438 CET on Wednesday on the BVB
(1 euro = 4.5737 lei)