The company’s revenues plunged nearly 20% to RON176.6 million and its profit fell more than two times to RON5.2 million on the year in 2013.
Artego also estimates its expenses will rise 6% to RON181.4 million in 2014, after a 17% decline to RON170.5 million in 2013.
Its shareholders also approved a decision to pay out dividends worth a total RON3.5 million, representing around 70% of 2013 profit.
Artego is the sole conveyor bolt producer in Romania and its clients include major local energy companies and companies in Italy, Spain, Finland, UK, France, and the United Arab Emirates.
The company is 70.04% owned by the employees’ association. Its shareholding structure also includes Electroarges, held by businessman Catalin Chelu, with a 10.37% stake.
Artego was trading up 1.11%, at RON9.1 a share, in Bucharest last Friday. (EUR1=RON4.4591)