It said exploitation revenues declined to RON70 million in the first half of 2020 compared with RON96 million in the same period last year, while expenses decreased to RON65 million from RON89 million in the first half of 2019.
Artego’s operating profit stood at RON4.9 million in the first half.
The company had total revenues of RON71 million, down 26% on the year, and expenses of RON66 million, down 26% on the year.
Between April 1 and May 31, the company’s employees were on furlough as the company halted activity due to the coronavirus pandemic.
Artego said it was affected by the depreciation of the Romanian leu in relation to the currencies it works with, delays in the supply of raw materials, in the production, delivery and transport of products.
It said renegotiating commercial contracts with some companies were difficult and lasted much longer than initially estimated, leading to a decline in the volume of orders for specific products and implicitly on sales.
Artego Targu-Jiu is 77.8% held by the employees’ association and the remaining shares are distributed among investors on the Bucharest Stock Exchange.