The profit decrease was caused by a 60% downfall in revenue, at RON45.4 million and by the significant financial costs hike up to RON78 million, compared with RON1 million in the first semester of 2014.
The company’s operating loss was at RON15.5 million, compared with an operating profit of RON6 million in the first half of 2014.
Dafora required the insolvency of the company and the Bucharest Court approved it June 19. Thus, the company ‘s shares were suspended from trading on the Bucharest Stock Exchange. The company said the insolvency request was triggered by the lower number of drilling contracts following the oil companies’ decision to lower investments and by the impossibility to pay the fine given by Romanian antitrust watchdog or the taxes to the state budget.
Dafora is majority owned by businessman Gheorghe Calburean, with a 50% stake. The company’s second largest stockholder is Foraj Sonde, with a 14% stake, while the rest is held by various investors on the bourse.
(English version by Manuela Panescu)