Romania's Simtel Team net profit soars 200% y/y in Q1

Revenue decreased by an annual 30% to 45.9 million lei in the three months through March, whereas operating expenses dropped by 38% to 39.4 million lei, Simtel said in a financial report filed with the Bucharest Stock Exchange on Tuesday.

The decrease in revenue in the first quarter is due to a change in Simtel's business model, with the company transitioning to projects with much larger scale and a different implementation dynamic. Proceeds from such projects are generated in the second part of the financial year, when they are closed and invoiced to the beneficiaries, Simtel Team explained.

Last month, Simtel said it signed a 19.3 million euro contract for the construction of a 27 MW photovoltaic (PV) plant in the northwestern city of Satu Mare.

Simtel Team was founded in 2000 and specialises in eco-engineering, industrial automation, telecommunications, electric mobility, and photovoltaic equipment. The company listed on the AeRO secondary market of the BVB in 2021.

Shares in Simtel Team traded 1.42% higher at 57 lei as at 1025 CET on Wednesday on the Bucharest bourse.

(1 euro=4.9746 lei)