Orsova Shipyard attracts more deals but profits still falling

During the first six months of this year, Santierul Naval Orsova (Orsova Shipyard) registered an 8% increase in turnover. According to the company’s financial reports, turnover went from 6.43 million euros in the first six months of 2003, to 7 million euros in the same period this year.

Profit posted in the same period dropped by over 60%, reaching 0.5 million euros, as compared to 1.27 million euros in the same period of last year.

The company’s financial expenditures increased more than six-fold, from 40,000 euros in 2003 to 272,000 euros, while its financial revenues decreased from 305,400 euros to 60,000 euros.

Orsova Shipyard is a privately held company, its main shareholders being SIF Transilvania, with a stake of 49.99%, and Rensen Beheer BV Olanda, with 16.59% of stock.

The company’s stock is listed on the Bucharest Stock Exchange, with transactions during the last trading sessions concluded at 61,500 ROL/share, 1.6% lower as compared to the previous session. The company’s bourse capitalisation, at this price, amounts to 13 million euros.

Being considered a company with a stable dividends policy, Santierul Naval Orsova granted gross dividends of 5,335 ROL/share for the 2003 financial year. At the same time, following re-evaluation, the company’s net assets increased by 148.4 billion ROL (3.9 million euros).

According to preliminary financial results for 2003, Santierul Naval Orsova derived turnover worth 557.5 billion ROL (14.8 million euros), 14.3% higher in nominal terms as compared to the value registered in 2002. Its net profits fell by 27%, down from 97.9 billion ROL (2.6 million euros) in 2002, to a preliminary net result of 71.5 billion ROL (1.9 million euros) in 2003.
alexandru.cerchez@zf.ro