Rubber parts maker Rolast Pitesti logged nine-month net profit amounting to 9.3bn ROL, three times higher than the profit in the first half this year. Rolast Pitesti concluded the first three quarters with 628bn ROL turnover, up 21% in nominal terms from the same time last year, against 15% inflation. Rolast's net profit was, however, lower than in the corresponding period of last year, partly because of the higher profit tax the company had to pay. Rolast concluded 2002 with 25bn ROL in net losses, after having posted 11bn ROL profit nine months through the year, which took many brokers by surprise. The drop back then was caused by the decline of the foreign markets on which Rolast operates, but also by the appreciation of the ROL against the dollar in real terms, which rendered exports less profitable. The cheaper Chinese and Indian products were yet another reason for the decline in sales. Rolast CEO Dan Dumitru Popescu says the development of the company over the near future is much more predictable now. "The company will see a prudent growth in the next few years and the restructuring policy will go on," he said. Rolast is 85% held by three investment funds, which had initially scheduled their exits for this year. The investment duration was eventually extended by two years. ZF
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