Romanian Airplane Mker Avioane Craiova Switches To 9-Mos Loss Of RON12M

Romania’s airplane maker Avioane Craiova (AVIO.RO) reported losses of 12.17 million lei (EUR1=RON3.6262) in the first nine months of 2008, compared with a net income of RON3.85 million during the same period a year before, the company said Thursday.

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Avioane Craiova reported a 42.2% decrease in its revenue during the first nine months of 2008, to RON10.4 million, compared with RON17.91 million during the same period a year before.

The company’s turnover was down 46.6% on the year in the first nine months of 2008, to RON8.46 million, from RON15.86 million.

Also, the board of directors of Avioane Craiova appointed Valentin Bernovschi the company’s new general manager and accepted the resignation of Anatolie Boldisor, following recent protests staged by the company’s employees.

Avioane Craiova was set up in 1972 and is the country’s sole military aircrafts maker.

Romania’s Privatization authority, AVAS, is the company’s majority stockholders with a 80.98% stake.

On Thursday, the shares of Avioane Craiova on the Bucharest Stock Exchange closed down 15.38% to RON6.6 per share.

AVAS put the company up for sale last week, following a failed attempt of privatization.

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