The money will be used “for working capital within the framework of the State aid scheme in the context of the economic crisis generated by Russia’s aggression against Ukraine, for the financing of the current production activity,” the report reads.
From a loss of RON1.5 million reported in the first nine months of 2022, UAMT switched to profit of RON39,639 at end-September 2023. Revenue from the production sold decreased from RON58.4 million to RON29 million, as per the company’s quarterly financial report.
UAM shares have traded down 46% so far in 2023, triggering a market capitalization of RON21.5 million. The company is 65.4%-owned by businessman Ioan Stanciu.