November 17 (SeeNews) - Romanian special steel plant COS Targoviste said it has turned to a 103.5 million lei ($21.94 million/21.03 million euro) net profit in the first nine months of 2022, from a net loss of 22.4 million lei during the same period of 2021.
COS Targoviste’s net result improved on the back of its insolvency procedures and the consequent sale of its assets, the steel mill announced in a financial report filed with the Bucharest Stock Exchange on Tuesday.
COS Targovite’s sales amounted to 20.2 million lei in the January-September period, compared to 13 million lei in the like period of last year.
Total revenues jumped to 256.1 million lei during the first nine months of 2022, from 8.9 million lei in the same period of 2021.
Expenses soared to 152.6 million lei during January-September 2022, from 31.3 million lei in the year ago period.
Total assets shrunk to 70.9 million lei at the end of the first nine months of 2022, from 194.9 million lei at the end of 2021.
Debt almost halved, reaching 281.5 million lei at end-September, compared to the 508.3 million lei owed at the end of 2021.
Following its asset sales, COS Targoviste covered outstanding wages, as well as debts to the state budget, while partially settling current debts incurred during the insolvency procedure.
In March 2022, Italian steel bars and special steels manufacturer AFV Beltrame Group announced it acquired the functional production assets of COS Targoviste, through its Romanian subsidiary, Donalam.
Following the acquisition, Beltrame added that it plans to invest 200 million euro ($208.62 million) to upgrade the Targoviste special steel plant and build a photovoltaic park with an installed capacity of 100-120 MW.
(1 euro=4.9209 lei)