“Electromagnetica SA challenged before the Court of Appeals the decision no. 77/20 December 2017 of the Competition Council, whereby the company was sanctioned with a fine in amount of RON10,024,824.88 representing 4.23% of its 2016 turnover. In this respect, the company submitted a request for the cancellation of the sanction decision and further for the reduction of the fine,” it said.
Electromagnetica was fined RON10.02 million, or 4.23% of its 2016 turnover, by the Competition Council for allegedly breaching antitrust laws in producing and selling electricity meters.
The company posted revenues of RON221 million in 2017, compared with RON234 million in 2016. It reported a net loss of RON15 million, compared with a net profit of RON4.3 million in 2016.
Last year’s loss was due to provisions and amortizations. Electromagnetica constituted a RON10 million provision following the antitrust decision and another RON2 million provision for a client undergoing insolvency.