Comvex Constanta starts the year with losses

Harbour operator Comvex Constanta witnessed losses worth 0.12 million euros (0.45 million RON) for the first quarter, with the company”s turnover shrinking by 35%. In the first three months of 2005, Comvex had posted net profit worth 1.48 million euros (5.5 million RON). The company”s turnover stood at 2.7 million euros (9.6 million RON), down from 4.2 million euros worth of sales seen in the same period of 2005. Bad weather conditions in the first months of the year are thought to be accountable for the poor financial performance of Comvex, hampering maritime and river navigation, and thus disrupting the harbour operator”s services. Comvex also faced cuts in the amount of merchandise that transits the harbour operator, given that Mittal Steel Galati, one of the company”s main clients, cut the amounts of raw materials it used in supplies. ZF