0.3m-euro profit for Socep

Harbour operator Socep Constanta made 0.3 million euro (1.19 million RON) net income in the first nine months of the year compared with a 1.8 million euro (6.8 million RON) net profit in the same time in 2004. The turnover stood at 8.3 million euros (30.3 million RON), 20% lower than throughout January-September of 2004. The profit at the end of September is, however, higher than the six-month profit figure, when Socep had logged 0.13 million euro (0.49 million RON). The management of the company explained in the report filed with RASDAQ that the poorer results of Socep this year were due to the weaker dollar, which caused a decline in the company”s revenues, considering its rates are calculated in dollars and a reduction of the harbour traffic, with some merchandise categories seeing a decline in volumes or even disappearing completely. Traffic through Socep fell 37% from last year, with 1.7 million tonnes transiting through this terminal in the first nine months. ZF