Artego also aims to extend two credit lines worth a total of RON16.7 million and taken in 2006 and 2007 from UniCredit Tiriac Bank.
The company reported a net profit of 11.69 million lei (EUR2.6 million) in 2012, 2.7-fold higher from RON4.34 million a year ago, the company said in its preliminary financial report Thursday. Total revenue decreased slightly in 2012, to RON219.44 million, from RON220.53 million a year before.
The company is 70.04% owned by the employees’ association, while Viorel David, chairman of the board and general manager, owns 4% of the stock.
Artego is Romania’s only producer of rubber bands for material transportation. Its clients include the state-owned energy complexes, the Oltenia national coal company (SNLO) as well as companies based in Italy, Spain, the United Kingdom, France and the United Arabian Emirates.
Tuesday, Artego traded on the Bucharest Stock Exchange at RON8.02 per share, 1.11% lower on the day. (EUR1=RON4.3749)