In first three months of last year, the company booked a profit of 3.37 million lei (0.3 million euros).

The poor performance reflects a sharp decrease in revenues by 71% down to 3.5 million lei, compared to 12.17 million lei in first quarter 2008.

FIC1 said it expected a profit of 53.57 million lei (12.6 million euros), down 44% from a year earlier and 42% lower revenues from prior-year quarter, down to 71.77 million lei.

The company has a share capital of 54.88 million lei, divided into 548 million shares at a nominal value of 0.1 lei.

FIC’s shares dropped 6.38%, down to 0.88 lei/share, while the market value fell to 483 million lei (116.2 million euros).