May 5 (SeeNews) - Romanian aircraft manufacturing and repair company Aerostar [BSE:ARS] said on Friday that its net profit grew 50% year-on-year in the first three months of 2023, reaching 30.1 million lei ($6.8 million/6.1 million euro).
Aerostar’s turnover increased by 19.6% to 124.7 million lei in the first quarter of 2023, the company said in an interim financial report filed with the Bucharest Stock Exchange.
Of the recorded turnover, 82% represented export sales. The company sold 102.7 million lei worth of products and services on foreign market and 21.8 million lei worth on the domestic market. Compared to the first quarter of 2022, export sales decreased in the regions of Africa and Romania, but rose on the European market.
Operating income rose 38.5% on the year to 139.9 million in January-March, while operating expenses closely mirrored the uptick with a 38.6% annual increase to 110.5 million lei.
Total assets inched up by 2.6% on the year, reaching 732.6 million lei in the first quarter of 2023, while total liabilities inched up by 1.2% to 91.4 million lei. Total provisions decreased by 5.5% to 122.6 million lei.
Aerostar’s investment expenditure reached 5.54 million lei during the first three months of 2023, up from 2.27 million lei in the same period of last year. Of the total investments, 89% were allocated to purchasing technological equipment.
Aerostar was established in 1953 and is specialised in repairing and upgrading military aircraft, producing light aircraft, hydraulic equipment for aviation and piston engines as well as electronics and other specialized equipment. As of end-March, the company employed 1,823 people, up from 1,758 a year earlier.
Privately-owned Romanian defence group IAROM owns a stake of 71.49% in Aerostar. Investment fund Evergent Investments owns 15.17%, while the remainder is held by smaller-scale shareholders.
Aerostar shares traded 4% higher at 7.8 lei as at 0907 CET on the Bucharest bourse on Friday.
(1 euro=4.9295 lei)