Romania's THR Marea Neagra cuts losses 22.4% in Q1 y/y in 2008, on higher incomes

Romania's Tourism Hotels Restaurants Marea Neagra (THR Marea Neagra) posted 22.4 percent lower losses in the first quarter of the year against the same period in the previous, on higher incomes, according to the company.

The company saw losses of 2.85 million lei in the first quarter, against 3.67 million lei in the same period last year. Its revenues dropped a third, to 132,600 lei, versus 191,300 lei in the first quarter of 2007.

THR Marea Neagra posted incomes of 1.06 million lei in the first quarter of the year, 3.7 times higher than the 286,600 lei registered in the same period last year. Its spendings stood at 3.9 million lei, 1.1 percent less than the 3.96 million lei posted in the same period last year.

The company has a share capital of 19.31 million lei, divided into 193.1 million shares. One of the five investment funds in Romania, SIF Transilvania, owns the majority stake.

Its shares are traded on the second tier of the Bucharest Stock Exchange (BSE) under the symbol EFO. The company's shares were last traded at 1.44 lei, accounting for a market capitalization of 278.08 million lei.

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