IAR Ghimbav, a company specialising in aircraft construction and maintenance, has posted first-quarter net profits of 25bn ROL (674,000 euros), seven times higher than in the corresponding period last year. The main drive behind the growth was the increase in output sold, with company turnover for the first three months of the year amounting to more than 5.2 million euros (compared with 3.1 million euros for the same period in 2004). Operating revenues reached 9.8 million euros, against expenses of 9 million euros, resulting in an operating income of 0.8 million euros, compared with a 0.6 million euro loss at the end of March 2004. In the first quarter of 2004 financial profits were high enough to cover operating losses. IAR concluded a contract with the UAE military two years ago to modernise 25 Puma helicopters. The contract is to be completed by 2007. ZF
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