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Uztel halves profit in Q1


Uztel oil drilling equipment maker of Ploiesti (60 km north of Bucharest) earned a net profit worth 1.744 million lei in the first quarter of the year, almost half less than in the same time span of 2008, say financial data sent to Bucharest Stock Exchange (BVB).

The Company’s turnover dropped by 9.4 percent up to 25.0007 million lei and the revenues dropped by 6.83 percent attaining 48.334 million lei. Expenditure registered 46.056 million lei.

Uztel officials expect a net profit worth 4.716 million lei in 2009, by round 4.6 times higher than in 2008, according to the Revenues and Costs Budget the Ordinary General Assembly of Shareholders (AGOA) approved for 2009.

A turnover worth 115.066 million lei is expected in 2009, by 1.85 million lei less than in 2008. Likewise, the revenues are expected total 202.71 million lei by almost 6 million lei lower than in 2008, while the expenditure is expected to gross 197 million lei, by almost 10 million lei compared to the previous year.

The investment programme schedules 3.16 million lei in 2009.
The Company listed on the BVB again in 2008 and its stock was traded in the second tier.

Uztel was one of the first (the 16th) Romanian companies listed on the stock exchange, its shares being admitted in the stock exchange quota in Nov 1996. In 2001 it was withdrawn from the BVB after the latter changed the listing terms as regards the social capital level.

The Company has a 100-year tradition in oil drilling equipment manufacture and exports its products to 30 countries among which the USA, Russia, Turkey, Iraq, UK.

In the State Assets Recovery Authority (AVAS)’s portfolio, the Company went on private hands in 2004 with a consortium made of the Employees’ Association (PAS) and the US Array products Co. Llc, the biggest beneficiary from the Uztel products.

The agreement stipulated the term of investing 3.4 million dollars and 2.636 million euros in development and environment respectively, within five years. The investments were achieved in the very first year and the privatization will be concluded in autumn this year.

Uztel majority shareholder is the Employees Association that holds 77 percent of its shares, and its share and underwritten capitals amount to 8.03 2 million lei.


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