Uztel’s profit almost six times lower, in H1

Crude oil drilling equipment maker Uztel based in Ploiesti (60 km north of Bucharest) earned 728,483 lei in net profit (1 euro= 4.21 lei), in the first half of the year, by 5.8 times smaller than during the same time span in 2008, read data the Company sent to the Bucharest Stock Exchange (BVB).

Uzteľs turnover dropped by 32.6 percent up to 39.84 million lei and the revenues dwindled by 27.47 percent amounting to 74.534 million lei, while its expenditure stood at 73.485 million lei.

Company’s 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 Expenditures Budget the Shareholders’ Ordinary General Assembly (AGOA) okayed for this year.

A turnover worth 115.066 million lei is expected this year, by 1.85 million lei lower than in 2008.
Likewise, the Company expects total revenues worth 202.71 million lei, by almost 6 million lei smaller than in 2008, and expenditures totaling 197 million lei, by almost 10 million lei less, in 2009 compared to the year before.

An investment programme worth 3.16 million lei is planned for 2009.
Uztel was re-listed with the Bucharest Stock Exchange (BVB) in May 2008, when its stock was traded in the 2nd category.

Uztel was one of the first (the 16th) Romanian companies listed with the stock exchange and its shares started being listed in Nov 1996. The Company was withdrawn from the BVB, in 2001 after the stock exchange altered the share capital level the listing terms required.

The Ploiesti-based oil equipment maker has an 104 year tradition and its exports go to 30 countries, among which USA, Russia, Turkey, Iraq, UK.

In the Privatization Authority (AVAS) portfolio, Uztel went on private hands in 2004 with a consortium, including the employees association (PAS) and the US Array Products Co. Llc, th biggest beneficiary of the Uztel products.

The agreement stipulates an investment term worth 3.4 million USD and 2.636 million euros respectively, within 5 years.

The investments were made in the first year already and the privatization will be concluded in autumn.
Uzteľs main shareholder is the Employees Association that owns 81.2236 percent of the stock. The Company’s share capital and the underwritten one amounts to 11.042 million lei.


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