Over 62% of turnover registered by Bacau-based aircraft producer Aerostar is aimed at exports, following the company's successful participation in various international fairs over the past years, Aerostar officials say.
"At the fairs that took place in Paris and Berlin over the past years, Aerostar products were warmly welcomed, which led to an increase in exports since 1999. Over the first six months, our company exported almost 62% of its products, mainly to European Union markets, to the United States, Great Britain and Asia," Doina Matanie, head of the Aerostar media relations department, told Ziarul Financiar.
Over the first six months of the current year, the company registered net profit worth 12.11 billion lei, over three times higher than the result estimated for this period and double as compared to the figure obtained for the entire year 1999.
Turnover registered in the first half of this year stood at 163.97 billion lei. Total revenues amounted to 215.84 billion lei, while total expenditures stood at 202.11 billion lei.
In the following period, Aerostar is to restructure under two domains of activity, following the company's restructuring programme and the acquisition of the majority stake by IAROM company and the Employees' Association.
Aerostar's new structure will follow two main directions: the first one will involve production activities for aviation and defensive systems (including programmes such as MIG 21, Sniper and the Larom defensive system); the second direction will be aimed at utilitary aviation (the IAC and IAC 52 programmes).
The first MIG 29 aircraft modernised by Aerostar Bacau together with DaimlerChrysler Aerospace (DASA) and Elbit Systems (MIG 29 Sniper) at the beginning of May performed its first demonstrative flight.
Company officials say that they are expecting orders from customers having already expressed their interest in this aircraft. Aerostar shares are currently traded on the stock exchange.
Aerostar has a share capital worth 85.07 billion lei, divided into shares with a face value of 25,000 lei. The consortium made up of Employees' Association - PAS Aerostar and IAROM holds at present the majority stake (70%) of the share capital.
PAS Aerostar and IAROM bought the shares from SOF (State Ownership Fund) earlier this year and the transaction amounted to 53 billion lei. Nevertheless, SOF still controls the company, by means of the "golden share" it holds.
Over the past years, Aerostar has been undertaking international activities in order to create strategic alliances meant to assure its integration into industrial and aircraft market globalisation.
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