Insolvent Romanian drilling company records losses of over EUR 20 mln

Romanian drilling company Dafora Medias, which entered insolvency at the end of June, recorded losses of EUR 21 million in the first half of the year. The firm had a net profit of over EUR 1 million in the same period last year. Dafora’s turnover went down by 61% in the first six months of this year, to EUR 10 million. The company saw a turnover of EUR 26 million in the same period of 2014. The firm’s assets dropped by 58% to EUR 27 million. At the same time, its liabilities decreased by 20% to EUR 62.4 million. The company’s equity was negative, at EUR -35 million. The company reduced the number of its employees by 44% from 562 to 316, following the restructuring. Romanian businessman Gheorghe Calburean controls Dafora. The company’s shares have been suspended from trading on the Bucharest Stock Exchange since it entered insolvency, on June 19. editor@romania-insider.com