IAR Ghimbav helicopter maker sees business up fourfold in Q1

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Helicopter maker IAR based in Ghimbav (central Romania) reported business up four times in the first three months of 2009 from the same period last year to 33 million lei (7.7 million euros) up from 8.2 million lei, the Ziarul financiar said on Monday.

The company posted 3.4 million lei (0.8 million euros) in profit; last year it recorded losses worth 5 million lei.

The revenues made by IAR Ghimbav dropped slightly at 2.3 percent from 2008 down to 33.6 million lei (7.9 million euros), while expenditure was down by 24.5 percent to 29.8 million lei (some 7 million euros).

IAR Ghimbav builds and repairs aircraft.

Its main shareholder is the Economy Ministry, which holds a 64.89 percent stake.
The IARV stock traded at 1.29 lei per share recently; the company’s capitalization amounts to 24.3 million lei (5.9 million euros).

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