IAR Braşov - revenues and profit decreasing, in the middle of the year

The aeronautical company IAR Braşov (IARV) reported, for the first half of the year, operating revenues of 240.2 million lei, 9% below those of the first six months of last year, while the net profit decreased by 59% , up to 14.3 million lei, according to the issuer's report published on Friday on the website of the Bucharest Stock Exchange (BVB).

Operating expenses amounted to 221.6 million lei, close to the 222.7 million lei in the first half of last year. Expenditures on raw materials and consumables amounted to 96.3 million lei, 29% below those in the first six months of 2023, while expenditure on salaries was 31.6 million lei, up by 18%. Also, personnel expenses (excluding salaries and meal tickets) rose by 18%, to 32.6 million lei.

In this context, for the first half of the year, the operating profit of IAR Braşov amounted to 18.6 million lei, 54% below that of the first six months of last year, a result to which was added a financial gain of 1.6 million lei, lower than in the January-June 2023 period.

In the middle of the year, the total assets of the aeronautical company were 755.6 million lei, 18.9% more than in June 2023. The total liabilities were 376.2 million lei, 30% higher than in the middle of last year. The increase appears against the background of the increase in the category "other debts, including tax debts and social insurance debts", which rose from 20.3 million lei to almost 168.5 million lei.

The Romanian State, through the Ministry of Economy, Entrepreneurship and Tourism, owns 64.9% of the aeronautical company, whose stock market capitalization amounts to approximately 250 million lei.