Santierul Naval Orsova 1Q Sales Down 15.4%, To RON13.16M

05.09.2011 By Andrei Circhelan

Shipyard Santierul Naval Orsova (SNO.RO) posted sales of 13.16 million lei (EUR3.26 million) in the first quarter of the year, down 15.4% from RON15.56 million in the same interval of 2010, according to financial results published Monday.

Revenue dropped 13.3% on the year, to RON13.94 million, while expenditure dropped 14%, to RON13.75 million.

As such, net profit declined by 7.7%, to RON187,444 from RON105,458.

The company has a share capital of RON28.5 million, divided into 11.4 million shares with a face value of RON2.5.

Regional investment fund SIF Transilvania (SIF3.RO) is the largest shareholder, with 50%, while SIF Muntenia (SIF4.RO) holds 13.17% and SIF Oltenia (SIF5.RO) holds a 10.07% stake.

Santierul Naval Orsova shares closed Friday at RON3.6, up 0.28% on the day.