Socep profit stays flat

Harbour operator Socep Constanta saw turnover up 17% last year, from $11.3m in 2002 up to $13.3m (445.58bn ROL). However, business failed to see growth in euros. Net profit slightly dropped, from $2.4m in 2002 down to $2.35m (79.45bn ROL) in 2003. “The price for our services is listed in dollars, but the US currency took a downward trend in 2003. On the other hand, many of our suppliers started expressing their costs in euros, which affected our costs. That is why the gross profit did not increase, although operations surged,” Ion Musaloiu, economic manager at Socep, told Ziarul Financiar. ZF