Romanian shipyard in Orsova sails to profit in 2007, sees 3.5% increase of net on business growth

The Romanian shipyard Santierul Naval Orsova (SNO) said its net profit last year rose 3.5 percent versus the previous year on business growth, according to preliminary financial results from the Bucharest Stock Exchange.

Net last year reached 7.03 million lei and turnover stood at 87.4 million lei, an 11.6 percent growth year-on-year. Net profit in 2006 was of 6.8 million lei.

Revenues last year accounted for 97.5 million lei, 19 percent more than the previous year. Spending rose 20.8 percent to 89.2 million lei in 2007. Debts increased 23.5 percent year-on-year to 37.4 million lei.

The company is listed on the Bucharest Stock Exchange's second tier under the symbol SNO.

Orsova shipyard is majority owned by the investment company SIF Transilvania. It specializes in vessel constructions and repairs, industrial works and ship parts manufacturing.

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