The electricity trader and producer of electrical components Electromagnetica (ELMA) reported its 4Q 2010 figures. Sales went up by 27% yoy to RON 116 mn, on the back of a surge in revenues from merchandise sold (energy) of 29% yoy to RON 101.9 mn. Merchandise costs surged by 38% yoy to RON 92 mn while labor costs remained flat yoy at RON 9.2 mn and third parties expenses climbed 17% to RON 4.2 mn. Due to the decrease in margin for electricity sales, the operating profit dropped by 38% to RON 3.5 mn and the net profit fell 42% yoy to RON 3.5 mn.
Over 2010, ELMA recorded sales of RON 474 mn, up 18% yoy and a net profit of RON 26.3 mn, down 8% yoy. For 2011 the company budgeted sales of RON 400 mn, lower yoy on an expected drop in the trade with energy, and a gross profit of RON 17 mn, down 46% yoy. We remind that ELMA proposed a dividend per share of RON 0.0044.