Navrom manages to surpass last year's problems

Navrom SA shipping company over the first three months of 2000 registered net profit amounting to four billion lei, mainly due to the increase in operating revenues, which totalled over 130 billion lei, almost double than over the same period of the previous year, shows the economic bulletin of the company sent to the Bucharest Stock Exchange (BVB).

Operating expenditures posted by the Galati-based company totalled 125 billion lei, almost 55 billion lei higher than expenses registered for the first quarter of 1999. Most of the company’s expenditures were represented by works or services delivered by third parties to different beneficiaries, which amounted to 60 billion lei, four times higher than over the same period of the year 1999. Second in the structure of the company’s total expenditures ranked the group of freight expenditures that totalled 48 billion lei. Over the first quarter of last year, this group of expenditures amounted to 6.5 billion lei.

Over this period, Navrom cut down its material expenditures from 19 billion lei to 9 billion lei, while personnel expenditures were curbed from 21 billion lei to 3.2 billion lei.

The company’s share capital currently amounts to 172 billion lei, divided into 6.8 million shares, with a face value of 25,000 lei.

The significant shareholders of the company at the middle of last year, according to Bucharest Stock Exchange reports, included Transport Trade Services S.A with 11.8 percent, Broadhurst Investment Ltd. with 10.74 percent, Shiliam AG Balzers Liechtenstein with 10.05 percent, SIF Transilvania with 9.86 percent, Ortex Enterprises Limited Limassol/ Cyprus with 9.58 percent, Transfer International Spedition S.R.L. with 9.47 percent and Transorient S.A with 5.1 percent. CNFR Navrom Galati is currently entirely privately-owned.

The company’s shares have been traded on the first tier of the Bucharest Stock Exchange since 08.05.1998, under the name of NVR.

The company is specialised in maritime and fluvial freight and passenger transport, goods wholesale and retail activities, import-export activities, service delivering in the field of transport. The company is also operating as a commodities courier.