However, the Group switched to RON2.9 million profit in the first nine months of 2024, after reporting RON1.5 million loss in the same period a year before, as per the latest financial reports.
Also, expenses fell to RON85.7 million from RON158.4 million.
The production activity was downsized in the context of the decrease in turnover, generated by the reduction of projects carried out through government programs with slow debt collection, according to Electromagnetica representatives.
“Sales related to the manufacturing business decreased by 36% in Q3 2024 compared to the same period of 2023, mainly due to lower revenues generated by the led lighting fixtures and services (CIL) and electric vehicle charging stations (SIVE) business lines, amid measures taken to streamline the company’s operations,” the report reads.
The company has a market value of RON136.6 million after its shares have traded up 6.3% over the last year. Its main shareholder is Infinity Capital Investments (INFINITY) with an ownership stake of 65%.