27 May 2003

Romanian Danubiana Expects 274,000 Euro Net Profit 2003 (Romanian News Digest)

Romanian tyre plant Danubiana in Popesti-Leordeni, near the capital Bucharest, expects a net profit of 10.3 bln Romanian lei ($323,900/274,000 euro) for 2003, the company said on May 26, 2003.

The company registered a loss of 67.4 bln lei ($2.1 mln/1.8 mln euro) for 2002 and a loss of 133.2 bln lei ($4.2 mln/3.5 mln euro) for 2001. The losses registered in the past two years were due to a decrease in the domestic demand and a lack of orders. The company operates at 60 pct of its capacity. The company's shareholders have recently decided to mortgage a number of real estates included into the company's portfolio for contracting a loan from Eximbank Romania. The money would be used for supporting the company's exports. Danubiana is part of Romanian tyre group Tofan. The group includes also Tofan Recap company, which produces recapped tyres for lorries, Victoria in Floresti, which produces a wide range of tyres for lorries and agricultural machines, and Silvania, which produces radial tyres for lorries, buses and trailers.

Source: Adevarul Online (CV/EP/TD)
"Romanian Danubiana Expects 274,000 Euro Net Profit 2003." Romanian News Digest 27 May 2003.

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