Romanian chemical company Azomures (AZO.RO) Thursday approved an investment program worth EUR43.5 million for 2011, which is estimated to reduce the net profit by some 80% on the year.
Last year, the company invested EUR4.3 million, and the investment budget for the next three years reaches a total EUR198.8 million.
Following the increase in investment, the company expects a net profit of 32.7 million lei (EUR8 million), compared to RON153.9 million in 2010.
Expenditure should rise 42% this year, to RON1.512 billion, from RON1.061 billion, according to the budget approved Thursday by shareholders.
Revenue is seen up 25%, to RON1.551 billion, from RON1.237 billion last year.
The company is 56.83% owned by Eurofert Investments, while Azomures Holdings LLC holds 19.05% of shares.
Azomures shares were last traded Friday, at RON0.72, up 1.98% on the day. (EUR1=RON4.076)