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Romania’s Electroarges swings to net loss in Q1

Author Tudor Popescu
Romania’s Electroarges swings to net loss in Q1 Source: Electroarges

BUCHAREST (Romania), May 23 (SeeNews) - Romanian household appliance manufacturer Electroarges [BSE:ELGS] said on Monday it booked a 184,341 lei ($39,600/37,200 euro) net loss over the first quarter of 2022, compared to a 1.65 million lei net profit in the same period last year.

The company’s turnover fell by an annual 60% to 39.9 million lei during January-March, it said in a financial report filed to the Bucharest Stock Exchange, BVB.

Operating income was down by an annual 58% to 38.3 million lei, while operating expenses fell 60% on the year to 38.4 million lei.

Electroarges' total assets fell to 115.5 million lei at end March from 130.9 million lei at the end of 2021.

Founded in 1971, Electroarges manufactures a range of household appliances, as well as professional items for hotels or industrial applications.

The company's net loss narrowed marginally to 11.84 million lei in 2021 from 12.41 million lei in 2020, while its turnover rose to 302.8 million lei from 245.4 million lei in 2020, latest data from the finance ministry showed. At the end of 2020, the company employed over 386 at its factory in Curtea de Arges, Arges county.

Its shares traded 0.50% higher at 0.4 lei/share at 1250 CET on Monday, on the BVB.

(1 euro = 4.9472 Romanian lei)

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