Romania’s Aerostar net profit up 3% in 2023

Aerostar’s revenue rose 8.4%, reaching 506.3 million lei in 2023, the company said in a preliminary financial report filed with the Bucharest Stock Exchange.

Of the recorded turnover, 18.8% was generated by products and services sold on the domestic market, while 81.2% was attributed to foreign markets.

Operating expenses increased by an annual 16.1% to 453.3 million lei. As a result, the operating profit reached 79.8 million lei in 2023, up 4.5% on the year.

Founded in 1953, Aerostar is a supplier of aviation and ground defence systems for Romania's defence ministry and other beneficiaries. Additionally, the company provides parts and equipment for the broader aviation industry and specialises in civil aircraft maintenance and conversion. As of end-December 2023, Aerostar employed 1,846.

In January 2024, US-based security and aerospace group Lockheed Martin and Aerostar inaugurated Europe’s first certified S-70 Black Hawk helicopter maintenance, repair and overhaul (MRO) service centre in Romania’s eastern city of Bacau, the two companies said in a joint press release at the time.

Aerostar shares were up 2.69% at 9.55 lei at 0953 CET on Friday on the Bucharest Stock Exchange.

(1 leu = 0.2 euro)