"Teraplast" Bistriţa, one of the largest PVC makers in Romania, reported a net turnover of 93.9 million lei in H1 2010, up 19% YOY from 79.15 million lei, according to the financial statements sent yesterday to the Bucharest Stock Exchange.
The company"s net profit dropped 8.44% YOY in the first semester, from 6.37 million lei to 5.83 million lei.
The company posted revenues of 103.281 million lei, a 17% increase over last year"s earnings, whereas expenses increased 20%, to 97.22 million lei.
Florin Urîte, the general manager of "Teraplast", said: "Over the course of the first semester we succeeded in posting good earnings, despite the fact that the construction market and the economic environment did not improve. Just like in the first three months and in the second quarter the situation was difficult in our line of business due to the long delays in the payment of the projects that were already accomplished, due to the fact that banks did not lend to private projects, as well as due to the difficulties that public institutions had in accessing co-financing for public projects".
On June 30th, 2010, Teraplast had outstanding debts of 71.815 million lei and 149.339 million lei in receivables.
"In the second semester we are expecting a rather tense period, in case the state does not pay out its outstanding debt to construction companies operating in the infrastructure sector", "Teraplast" officials said.
Teraplast is the main company of the eponymous group, and is listed on the second tier of the Bucharest Stock Exchange (BVB) with the symbol TRP.
The company"s current capitalization is 128.6 million lei.
Izabela Sîrbu (Translated by Cosmin Ghidoveanu)
"Teraplast" Bistriţa, one of the largest PVC makers in Romania, reported a net turnover of 93.9 million lei in H1 2010, up 19% YOY from 79.15 million lei, accor
