Romanian IAR Ghimbav To Sack 280 Employees As Of Jul 1, Other 350 In Apr '10

Romania’s sole helicopter maker IAR Ghimbav (IARV.RO) will lay off 280 employees July 1 and another 380 persons in April 2010, as part of a reorganization program approved Thursday by the company’s stockholders.

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IAR will have a new management and staff structure with 558 positions as of July 1, and with 208 positions as of April 2010, the company said Friday.

IAR Ghimbav switched to a 3.79 million lei (EUR1=RON4.2143) net profit in the first quarter, from a RON5.03 million loss in the corresponding period a year.

IAR Ghimbav’s revenues fell 2.4% on the year in the first quarter, at RON33.64 million, while its expenses dropped by 24.45%, to RON29.84 million.

According to the most recent data, IAR Ghimbav’s main shareholder is the Economy Ministry, with a 64.89% stake.

On Thursday, IAR Ghimbav shares on the Bucharest Stock Exchange closed at RON1.46 per share, down 2.67% on the day.

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