Euro increase, profit booster

The brokers who said early in the year the investors on the Stock Exchange would not strike it rich this year but merely gain a little more than they would from banking interests were wrong. At least where the shares of the Orsova Shipyard (SNO) are concerned, as their price has doubled over the last three months. Five months through the year, the Shipyard sees 35.3bn ROL net profit, up 40% from the same time last year and 52% higher than anticipated in the S&R budget for this period. The profit growth is due to the higher core business-related profit, which reached 33.8bn ROL by late May, 56% more than anticipated in the budget, and to the financial operations, which registered 9.3bn profit, compared with 1.3bn ROL loss in the same time last year. The S&R budget anticipates 90bn ROL net profit for 2003, that is nearly 25% of the company’s market capitalisation. The yield the investors on the Stock Exchange hope to get is higher than the banking interests, anyway, and brokers are saying the shares might continue to increase in this regard. ZF