Comvex said its first-quarter net profit rose to RON11.1 million, from RON2.4 million in the year-earlier period, according to the company’s financial report sent to the Bucharest Stock Exchange.
The company’s expenses rose 2.8 times to RON58 million in the analyzed interval, from RON20.2 million in the first three months of 2012.
Sales were 2.9-fold higher on the year to RON50.5 million in January through March, compared to RON17.2 million in the same period a year ago.
The company is 63.24% owned by Solidmet Bucuresti. Other shareholders include Expert Placement Services, a subsidiary of the ArcelorMittal group, with a 28.1% stake.
On the Bucharest bourse Wednesday, Comvex closed down 8.3% at RON22 a share. (EUR1=RON4.4830)