Ges: repairs to float line blamed for 3Q 2005 loss

Ges swung to a 3Q 2005 loss of ROL 4.1 million (USD 1.3 million/EUR 1.1 million) from a net profit of ROL 327,000 for the same period 2004, the Romanian window glass producer said 9 November 2005.
“T…

Ges swung to a 3Q 2005 loss of ROL 4.1 million (USD 1.3 million/EUR 1.1 million) from a net profit of ROL 327,000 for the same period 2004, the Romanian window glass producer said 9 November 2005. “That was due mainly to the fact that between 20 May and 15 June the production line for float glass was suspended for repairs and in that period we had costs without production,” Ges said in a statement to the over-the-counter market RASDAQ, where it is listed. Another reason for the loss was a 37.56% rise in natural gas prices compared to December 2004, which increased the company“s costs by ROL 1.7 million. The company“s total revenue fell to ROL 38.2 million in the 3Q 2005 year from ROL 40.7 million for the same period of 2004, mainly due to the appreciation of Romania“s currency against major currencies, which affected export revenue. Ges“s total costs increased to ROL 42.3 million in the three months through September 2005 from ROL 40.4 million for the same period of 2004. A consortium made up of Laminate, Aedificia Carpati and Supremo Corporation, Unirea International Trading 95 and Pro Ges Association bought 99.4% of Ges earlier in 2005. Ges cut its loss to ROL 3.2 million in 2004 from ROL 28.5 million in 2003. (EUR 1 = ROL 3.6628)