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Ges cuts 1Q 2005 loss

State-owned Ges, Romania“s only flat glass producer, said on 20 May 2005 that it cut its 1Q 2005 loss to ROL 12.1 billion (EUR 335,700/USD 422,800) from ROL 15 billion in the same period of 2005, as …

State-owned Ges, Romania“s only flat glass producer, said on 20 May 2005 that it cut its 1Q 2005 loss to ROL 12.1 billion (EUR 335,700/USD 422,800) from ROL 15 billion in the same period of 2005, as turnover fell. Turnover went down to ROL 102.9 billion from ROL 131.6 billion in the 1Q of 2004, Ges said in a statement to the over-the-counter market RASDAQ, where it is listed. Romania agreed at the end of 2004 to sell 99.4% of Ges to a consortium comprised of Laminate, Aedificia Carpati and Supremo Corporation, the country“s privatisation agency AVAS said. The deal is yet to be finalised. Ges cut its losses to ROL 32 billion in 2004 from ROL 285 billion in 2003. (EUR 1 = ROL 36,188)

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