Severnav posts losses

Severnav Drobeta-Turnu Severin shipyard in the first nine months of this year registered losses standing at 1.3 million euros, ten times higher as compared to losses reported during the similar period of last year. Turnover posted a significant increase, reaching 19 million euros at the end of September, five times higher as compared to the year-ago period. “The losses were primarily due to this year’s evolution of the EUR/USD, ROL/EUR and ROL/USD exchange rates. We had a 3.4 million-dollar contract, but the related costs were expressed in ROL, as an equivalent of the euro. This ship, together with the ship that was the object of another contract, were supposed to be delivered last year, but, because of the lower Danube flows, the ships were delivered later, in the first half of this year,” commented Florin Dragan, the economic manager of Severnav. ZF