EnglishShareholders in pipe producer Condmag SA approved the contracting of a 32 million RON (9,4million EUR) loan from Raiffeisen Bank in order to modernize the company. The loan will be granted by a bank guarantee letter filed by the supplier, according to the head of the company"s juridical department, Iuliu Todoran, quoted by NewsIn. Condmag will be able to contract loans from other banks only with Raiffeisen"s approval.
Brasov-based pipe manufacturer Condmag reported a turnover of 52,8 million RON for the first six months of 2006, up 48,23% compared to the 35,62 million RON posted in the corresponding period of 2005. The gross profit registered in the first half of 2006 amounted to 404.401 RON, down 48% from the similar period of 2005. In this period, the company"s investments totalled 1.829.153 RON. Condmag shares are listed on the first tier of Rasdaq, as of November 9th 1996.
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