Romania's Impact Developer & Contractor not to cut capital, expects smaller loss in 2013

At the same time Impact's shareholders approved the company's 2013 budget which envisages a net loss of 19.44 million lei next year, Impact said in a statement filed to the Bucharest Stock Exchange on Friday following a shareholders meeting a day earlier.

Operating loss is seen at 14.61 million lei in 2013.

In October the company said it expects to post a net loss of 35.6 million lei this year, compared to a net loss of 22.3 million lei in 2011.

Impact's shareholders rejected also a proposal to issue seven-year convertible bonds worth up to 30 million lei.

(1 euro = 4.4383 Romanian lei)