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Romania’s Visual Fan net profit down y/y in Q1, expands into solar energy

Author Tudor Popescu
Romania’s Visual Fan net profit down y/y in Q1, expands into solar energy Source: Allview

BUCHAREST (Romania), May 27 (SeeNews) - Romanian technology company Visual Fan [BSE:ALW] booked 2.1 million lei ($454,600/424,900 euro) net profit in the first quarter of 2022, down from 6.8 million lei posted in the same period last year, the company said on Friday.

Visual Fan recorded a turnover of 25 million lei in the first three months of 2022, a decrease compared to last year’s 49.4 million lei, the company said in a report filed to the Bucharest Stock Exchange.

The company also said it is expanding its operations into solar energy.

“The long term strategy of this project targets extending our deployment network, but also developing our portfolio of energy generation products, in order to offer more complex solutions nationwide,” said Lucian Peticila, CEO of Visual Fan.

In January, the company received approval from the antitrust body for the acquisition of a 51% stake in Intervision Trading Ro, the sole distributor of the AKAI brand in Central and Eastern Europe. The value of the transaction was not disclosed.

In September 2021, Visual Fan signed a 10 million lei research and development contract with Headlight Solutions, which is funded through a short-term credit.

In July 2021, Visual Fan debuted on the AeRO market of the Bucharest Stock Exchange.

Visual Fan, trading under the Allview brand, is a Romanian technology company, which was founded in 2002. The company manufactures personal electronic devices, such as a smartphone and television sets. At the end of 2021, Visual Fan employed 70 staff. Based on a financial report filed to the Bucharest Stock Exchange, the company recorded 8.4 million lei in profit in 2021, down significantly from 2020’s 23.3 million lei. Similarly, its turnover for 2021 was 124.6 million lei, down from its 2020 turnover of 405.5 million lei.

Visual Fan shares traded up 13.18% at 14.6 lei/share at 10:24 CET on Friday, on the Bucharest Stock Exchange.

(1 euro = 4.9423 Romanian lei)

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