The company’s first quarter profit declined 40.8%, to RON2.53 million, the company said in a statement to the Bucharest Stock Exchange Wednesday.
Total revenues increased 20.4%, to RON46.57 million, while expenses rose 29.5%, to RON43.54 million.
Businessman Catalin Chelu indirectly controls about 24% of the company’s shares, and firm Bran Oil holds a 29.68% stake.
Electroarges last traded in Bucharest Wednesday, at RON0.512 per share.