In June, "Prospecţiuni" (PRSN) earned about a quarter million Euros per day, says Gehrig Schultz, the president and CEO of the company, who can"t however, conceal a tone of regret when he says about the four rainy days of last week, when the people in the field were forced to stop their work, which resulted in losses of approximately 1 million Euros.
"We had revenues of 225,000 Euros/day, in June, and this was the only month of the year when we only worked on the domestic market, in particular for Romgaz and Petrom, and we will begin work in Portugal and Morocco in July", said Gehrig Schultz, in an interview with BURSA, and he added: "We have also had four days when it rained very heavily, and we had to stop our work. This has brought us losses of about 1 million Euros. I could say that it kind of dampened our enthusiasm a bit, because in June, before the bad weather began, we were 11% ahead of the work schedule and we were hoping we would be able to complete them faster. We lost this advance because of the unfavourable weather, which slowed us down by about 12%, but, overall, we will end our month on schedule".
Gehrig Schultz also said that the company has contracted out about 80% of its output capacity by the end of the year, and in July it will begin work in Portugal and Morocco on the oil and gas business.
"Prospecţiuni" ended Q1 2011 with a net profit of 12.8 million lei, up from 946,524 lei, in Q1 2010. The management of the company explained that last year"s weak results were also due to the fact that "Romgaz", whose contracts account for about 45% of the turnover of "Prospecţiuni", postponed certain works.
The company has a market capitalization of 161.9 million lei, according to the price of 0.2329 lei/share recorded in yesterday"s trading session. Tender SA owns 58.78% of the company, whereas SIF "Muntenia" has a stake of 11.86%.
