Romanian cable producer Romcab (MCAB), under insolvency, announced its turnover soared by 88% year-on-year to EUR 173 million in 2020, and its losses halved compared to 2019.

"In a period marked by the global health crisis, Romcab managed to maintain its activity uninterrupted, the year 2020 marking a return of the company's turnover at a level comparable to that recorded in the period before the start of insolvency proceedings," said Zoltan Prosszer, Romcab's special administrator, Profit.ro reported.

According to preliminary data, the company reported a turnover of EUR 62 mln in the first quarter of 2021, up 70% compared to the same period last year.

Prosszer believes that the company is heading towards regaining the position of market leader and estimates that Romcab will emerge from insolvency "long before the deadline provided in the reorganization plan," respectively the third year of the reorganization period.

Romcab's shares returned to trading on the Bucharest Stock Exchange on March 4, 2021, after a local court confirmed its reorganization plan submitted and assumed by the Special Administrator. Since then, the company's shares have gained about 50% amid the positive projections presented by the company's management.

The company intends to raise money from the capital market by issuing shares and bonds convertible into shares, Prosszer also said.

andrei@romania-insider.com

(Photo source: the company)