Romania's Turbomecanica net profit dips 12% in 2023

The company’s turnover reached 131.3 million lei in 2023, decreasing from 139.1 million lei in the previous year, Turbomecanica said in an unaudited financial report filed with the Bucharest Stock Exchange.

Salary expenses rose 6% to 55.9 million lei in 2023.

Turbomecanica's total assets amounted to 212.2 million lei at the end of last year, up from the 181.4 million lei recorded at the end of the year before, while total liabilities rose from 58.6 million lei to 62.6 million lei.

Founded in 1975, Turbomecanica manufactures turbine engines and mechanical assemblies for helicopters, as well as engines for Romanian-made aircraft which equip the fleet of the country’s defence ministry and its intelligence services.

Turbomecanica shares traded 2.47% lower at 0.316 lei as at 1329 CET on the Bucharest Stock Exchange on Wednesday.

(1 euro=4.96893 lei)