The company said its net deficit was RON 2.3m ($670,000) to 31 March, compared to RON 1.6m in the fourth quarter of 2012.

Operating revenue increased to RON 8.8m from RON 2.2m, but operating costs soared to RON 11.1m, from RON 3.9m.

It also blamed unfavourable currency movements and bad weather conditions, as well as the continuing decline of orders.