Romania's Prospectiuni net profit soars 177% y/y in Q1

The company's turnover declined by an annual 15% to 47.5 million lei in the first quarter of the current year, it said in a financial report filed with the Bucharest Stock Exchange.

The decrease in turnover came partly as a result of a project being postponed to the second half of the year due to causes unrelated to the company, Prospectiuni explained. However, the company increased profitability by slashing expenses.

Prospectiuni's total expenses dropped by 21% year-on-year in the first quarter, reaching 44 million lei.

Total assets amounted to 179.9 million lei at the end of March, inching down by a yearly 2%, whereas total debts went down 28% to 22.3 million lei.

Looking forward, the company aims to increase its volume of works done in projects involving the acquisition of geophysical data as well as projects related to geophysical investigations in 2024.

Last year, Prospectiuni's net profit soared to 30.7 million lei, from 10.4 million lei in 2022.

The company's main shareholders are Tender SA with a 55.71% stake and SIF Muntenia SA with 11.83%. The remainder is in free float on the Bucharest bourse.

Prospectiuni’s shares traded 7.32% higher at 0.22 lei as at 0945 CET on Thursday.

(1 euro=4.9745 lei)