This was the twelve consecutive year of losses for the engine maker. In 2011, the company reported a loss of RON48 million.

Electroputere said total costs fell 19% on the year to RON224.3 million in 2012, while overall revenues were down 12.5% at RON200.08 million.

Sales declined 45% to RON109.5 million.

Electroputere is majority owned by Saudi Al-Arrab Contracting Company Limited, with an 86.28% stake.

On the Bucharest bourse Thursday, Electroputere closed up 2.69% at RON0.0267 share. (EUR1=RON4.3844)