The company’s profit tripled during the same interval, to RON21.4 million (EUR4.8 million).
Contacted by ZF, Sebastian Vladescu, Romcab president and a former Finance Ministry in the Tariceanu government, chose not to comment.
Romcab, which in 2009 was a marginal player on Romania’s electric cable market with sales of EUR8.6 million, is now battling market leaders Prysmian Slatina, the domestic subsidiary of the world’s biggest cable maker, and Greek-held ICME Ecab.
The company’s growth was based on banking loans and the state guarantees attracted through Eximbank. At the end of last year, Romcab’s debts totaled RON360 million (EUR81 million).
On Tuesday, Romcab stock rose by 14.3% on the bourse, to RON4.25/share, valuing the company at RON40 million (EUR8.9 million).
(English version by Catalina Apostoiu)