Electroputere reported a turnover of RON25.3 million and loss of RON8.09 million in the first quarter of 2011.
The company’s total revenue rose 10.3% to RON44.36 million and expenditure rose 8.6% to RON52.48 million on the year in January to March.
Electroputere last registered profit in 2000 and has since reported cumulated loss of over RON870 million.
Electroputere plans to decommission two of its five divisions. In March, the company announced it will lay off 350 staff in 2012, because of low demand.
Electroputere is majority owned by Saudi Al-Arrab Contracting Company Limited, with an 86.28% stake.
On the Bucharest Stock Exchange, Electroputere shares last traded at RON0.034/share. (EUR1=RON4.4265)