November 10 (SeeNews) - Romanian professional abrasives producer Carbochim [BSE:CBC] announced on Thursday that its net profit dropped by an annual 96.51% to 47,323 lei ($9,617.1/9,673.8 euro) in the first nine months of 2022.
Carbochim’s total operating income rose by 9.94% on the year, to 28.47 million lei, while its turnover inched up by 3.13% to 25.27 million lei in the first nine months of 2022, the company announced in an unaudited financial statement filed with the Bucharest Stock Exchange.
Despite the increase in revenues, operational expenses grew by an annual 17.21% in January-September, to 28.41 million lei, lowering the operating profit by 96.42%, to 59,315 lei.
Established in 1949 in the northwestern city of Cluj-Napoca, Carbochim is Romania’s largest professional abrasives manufacturer.
Chemical products manufacturer Carbo Europe, a company of local diversified holding Iulius, owns a 76% stake in Carbochim, bourse data showed.
In 2021, Carbochim booked a net profit of 1.44 million lei, according to its annual management report.
Carbochim is listed on the main market of the Bucharest Stock Exchange and currently has a market capitalisation of 150.7 million lei.
Carbochim shares last traded on November 9 at 30.6 lei on the Bucharest Stock Exchange.
(1 euro=4.8919 lei)