In the first quarter of 2012, Condmag had revenues of RON15.7 million and losses of RON7.1 million.
Costs for raw materials increased 37%, to RON9.7 million (EUR2.2 million), while salary costs dropped 115%, to RON6.2 million (EUR1.4 million), the company said in a statement Tuesday.
Condmag expects to return to profit this year and estimates a pretax profit of RON2 million (EUR0.46 million) from a pretax loss of RON26.08 million in 2012.
Dafora (DAFR.RO) controls 45.82% of Condmag shares, while Dutch fund OGBB A Van Herk holds a 10.91% stake.
Condmag shares closed flat on the day in Bucharest Friday, at RON0.09 per share.