In the first quarter of 2012, the company had a turnover rof RON38.4 million and a profit of RON1.6 million.
Revenues increased nearly 3%, to RON48.1 million (EUR11 million), while expenses rose more than 9%, to RON49 million (EUR11.1 million), the company said in its earnings report Monday.
In the first quarter last year Stirom had revenues of RON46.8 million and expenses of RON44.8 million.
The company announced early March it signed a financing contract with the Ministry of Economy for an energy efficiency consumption project and will receive non-reimbursable EU funding of up to RON51.5 million. The project costs a total RON166.3 million, of which RON128.8 million is eligible for EU funding.
Greek group Yioula Glassworks indirectly owns 93.4% of the company’s shares through Cyprus-registered firm MGL Mediterranean Glass. Yioula Glassworks is the biggest glass container producer in South-East Europe and has six more factories in Greece, Bulgaria, and Ukraine.
Stirom shares were last traded on the Bucharest Stock Exchnage Thursday, at RON4 per share, up 2.28%, bringing the company’s market value to RON65.1 million (EUR15 million).