In the first quarter of 2012, Compa had a turnover of RON138 million.
The company’s exports rose 26% in the first quarter, to RON113.8 million (EUR25.9 million, from RON96.8 million in the same quarter last year, but failed to compensate for domestic decline.
The company’s revenues dropped 13%, to RON121.5 million (EUR27.7 million), from nearly RON140 million in the first quarter last year.
The company downsized its staff to 1,729 people in the first quarter, from 1,803 in the same period the year before, due to lower demand, the company said in a statement to the Bucharest Stock Exchange Wednesday.
Expenses dropped 12% in the first quarter, to nearly RON112 million (EUR25.5 million), from RON127 million in the first quarter of 2012.
Despite lower production and sales, Compa will continue its investment program in a project developed in partnership with German group Bosch and another developed with Honeywell, according to the statement.
Compa posted a net profit of RON7.9 million (EUR1.8 million) in the first quarter, 21% lower than the RON10 million profit it posted in the same period last year.
The company has recently managed to attract Daimler as a client, for whom it makes pinions for Mercedes cars.
Compa is 54.6% held by its employees through an employee association.
On the Bucharest Stock Exchange Wednesday, Compa opened up 0.4%, at RON0.501 per share.