Constanţa shipyard revenues increase by 63.5 percent in 2004

May 4, 2005 Constanţa Shipyard (SNC) registered total revenues of &euro;38.4 million in 2004, 63.5% higher than in 2003. The shipyard also had a net profit of €1.7 million, which was assigned to reserves linked to fiscal facilities, as well as to the coverage of the previous years' losses and the legal reserve.

Constanţa Shipyard, located in the Romanian port of Constanţa, on the Black Sea coast, is the largest shipyard in Romania. The shipyard was privatised in April 2002, when Resource International, a company based in the Marshall Islands, bought stocks in it worth US$17.4 million, from the Romanian government. The other shareholders in the company are Histria Shipmanagement SRL (Constanţa), Technical Shiprepairs and Maintenance SRL (Constanţa).