Asirom registers €1.57 mln in loss

"The result is now temporarily affected by the fact that Asirom was notified by its client, Otchim, about two major damages totaling over €8 million," said Schneider.

He added that these damages will not affect the company's 2007 financial result, as a large part of the amount will be paid by Asirom reinsurers. Schneider said that Asirom will register profit by the end of this year, although he did not mention the amount.

The company's total revenue increased by 4.47 percent year-on-year in this year's first three quarters, up to €150.2 mln from €136.8 mln. Total spending rose by an annual 5.79 percent, to €151.8 mln from €136.5 mln, according to the report published on the Rasdaq electronic section of the Bucharest Stock Exchange (BVB).

Total revenue in the first nine months of 2007 from gross subscribed premiums on life and general insurance totaled €142.8 mln, up 0.33 percent from the same period in 2006. Asirom had a 10.44 percent market share by the end of 2006, which placed it in second place among companies in the field.