Net Sales Revenue of Odessos Ship Repair Yard Grow 7% y/y

The Varna-based shipbuilder Odessos posted a 7% decline in profit (to 5.330 mln leva/ 2.725 mln euros), in its September 30 report. Revenue drops from 28.078 mln leva (14.356 mln euros) to 26.409 mln leva (13.502 mln euros).

The result was attributed to Positive difference from operations with financial assets and instruments, which dropped from 3.323 mln leva (1.700 mln euros) to just 77,000 leva (39,370 euros) y/y.

Sales rose 7% to 25.522 mln leva (13.050 mln euros), and revenue from services rose from 23.367 leva to 25.288 mln leva.

Between January and September 2007 the company repaired a total of 45 foreign and 1 Bulgarian ships, which brought some 24.007 mln leva (12.274 mln euros).

Total costs dropped from 22.376 mln leva (11.440 mln euros) to 21.079 mln leva (10.777 mln euros) year-on-year.

Assets decreased as well – from 54.853 mln leva (28.045 mln euros) on 30 September 2006, to 51.475 mln leva (26.318 mln euros) on 30 September 2007.

The company has a core capital in the amount of 587,000 leva (300,128 euros) and own capital at 467.625 mln leva (239.092 mln euros).

Shares dropped 1.88% today, to an average of 116.87 leva.

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