Electroaparataj posts €1.69 mln in losses

Electroaparataj, Romania’s main manufacturer of low voltage installations and industrial switching gear, posted losses worth RON 5.67 million (€1.69 mln), for the first nine months of 2007, due to a relocation of its operations.

The company had registered profits worth RON 1.62 mln (€0.47 mln) in the first three quarters of 2006. Turnover for the first nine months amounted to RON 60.96 mln (€18.06 mln), 8.2 percent higher year-on-year.

Electroaparataj launched a broad operation to relocate production to three units - in Bucharest, in the village of Titu, right outside Bucharest, and to the city of Targoviste (northwest of Bucharest). Relocation expenses alone amounted to RON 4 mln (€1.16 mln), according to a company report. (NewsIn)