Car parts manufacturer Compa is targeting 67.3 billion lei ($US2.2 million/€1.7 million) in net profit for 2004, 291% up year-on-year.

The company expects 1.61 trillion lei in turnover for this year, according to the South East Europe Newswire.

Compa shareholders have decided to re-invest at least 15 billion lei from the company's 2004 net profit into the completion of ongoing medium and long-term contracts, the company said in a statement to the Bucharest Stock Exchange (BVB) where it is listed.

Its net profit for the first nine months of 2004 rose by 737% year-on-year, to 62.1 billion lei, while turnover almost doubled on the year, to 1.167 trillion lei, the company reported earlier.

In the last two years, Compa formed partnerships with international firms including Honeywell Garrett, Bosch and the French subsidiary of Japanese car parts producer Koyo, which helped it boost turnover.

The company reported 17.2 billion lei in net profit for 2003, on a turnover of 979.5 billion.

Compa has an equity capital of 77.8 billion lei and employs more than 2,200 people. Its employees own a 51.2% stake in the company, the report said.

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