Romaero, a company specialising in aircraft production and maintenance, expects this year''s turnover to reach approximately 16.5 million euros, twice as high as the level registered in 2004, when the company started deriving profit, according to with company data.
In the first half of last year, Romaero saw turnover worth 5.22 million euros and a net income estimated at over 21,000 euros. Thus, in mid 2005, the company registered a profit equal to the one reported for the whole of 2004. The main factors that supported the company''s turnaround were the contracts it sealed or renegotiated with some of the biggest international companies in the aeronautic sector.
Romaero last year signed a contract for the delivery of parts for the biggest passenger aircraft in the world, the A380, produced by Airbus.
At the same time, the Romanian company has been carrying out another significant contract with the US Lockheed Martin corporation since 2004, one of the world''s largest technology suppliers. The value of the contract with Lockheed Martin, signed for a three-year period, amounts to around 30 million dollars (23 million euros). The contract stipulates the modernisation of four Hercules C-130 aircraft owned by the Romanian air force.
"The contract signed in 2004 has barely started to show its effects. This year''s turnover increase is equally supported by the renegotiation and by the signing of new contracts," stated Dan Vulcan, general manager of Romaero.
The level of investments targeting the company last year stood at 1.7 million euros, of which 1.4 million euros came from budgetary funds destined to the maintenance and repair of C 130 Hercules aircraft held by the Romanian military.
The rest of the funds were destined to the rehabilitation and modernisation of facilities relating to the maintenance of Hangar 107D and Hangar 121 aircraft, as well as to the modernisation of production lines.
During the September-December 2005 period, Romaero sealed a series of multi-annual contracts, both for the construction of aerostructures and for the maintenance and repair of some aircraft, with firms from Europe and the United States, worth a total of 0.6 million dollars/annum (approximately 0.5 million euros).
The company is negotiating new contracts for the following period, with a total value exceeding 4 million dollars (about 3.34 million euros), weighing 22% in this year''s turnover.
In mid last year, Romaero was at the centre of a scandal involving trade union members, as well as "groups of interests", according to trade union representatives.
The majority shareholder in the company is the Economy and Trade Ministry, which owns 73%. A 25.85% stake is owned by SIF Muntenia. roxana.petrescu@zf.ro
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