May 11 (SeeNews) - Romanian aircraft engine manufacturer Turbomecanica [BSE:TBM] said on Thursday that it closed the first quarter of 2023 with a net loss of 33,481 lei ($7,422/6,792 euro), improving from a net loss of 3.2 million lei recorded in the like period of last year.
The company’s turnover reached 22.9 million lei in the first three months of this year, decreasing from 25.5 million lei in the same period of 2022, Turbomecanica said in an unaudited first-quarter financial report filed with the Bucharest Stock Exchange.
Turbomecanica’s operating income inched down to 26.3 million lei in January-March from 26.8 million lei in the first quarter of 2022, while its operating expenses fell to 25.6 million lei from 29.3 million lei.
Total assets amounted to 177.8 million lei at the end of March, down 2% on the year, while total liabilities fell by an annual 6.1% to 55.1 million lei.
Turbomecanica’s net loss during the first quarter of 2023 represents a net profit margin of -0.15%, compared to -11% recorded in the same period of last year. Despite the unstable economic environment, the company eyes a full recovery of its profit margin in the following months, it said.
In 2022, Turbomecanica booked a net profit of 12.2 million lei, up 3.74% on 2021, it said last month.
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 0.4% lower at 0.246 lei as at 1413 CET on the Bucharest Stock Exchange on Thursday.
(1 euro=4.9294 lei)