Turnover declined by 4.74% against the similar period of last year.
The situation of 1Q, 2021, when profit margin was negative because of the health crisis generated by Covid-19, continued in early 2Q, generating production delays and negatively impacting turnover and profit margins implicitly.
“The company recorded turnover below the budgeted amount by approximately 14%, but in the same time above the average turnover recorded for the first semester of the last years. In the same time, comparing with budgeted values, during the analysed period, the company is below the budgeted amount by RON6.0 million is related to IAR Brasov and MApN. It is important to keep in mind that this evolution is due to the specificity of the maintenance activity, affected in February-March by the Covid cases within directly productive employees,” reads the company’s report.
The company intends to recover the difference, therefore the expectations indicate that turnover will achieve at the end of 2021 in the budgetary turnover of RON117.6 million.
Turbomecanica has a RON89 million capitalization and is 25.9% owned by Radu Viehmann, while Dana Maria Ciorapciu holds a 15.16% stake.
(English version by Catalina Apostoiu)