Socep Sees 2011 Profit Down 10% On Higher Investments

04.28.2011 By Andrei Circhelan

Romanian harbor operator Socep Constanta (SOCP.RO) expects a pretax profit of 5.2 million lei (EUR1.28 million) this year, down 10% from RON5.8 million in 2010, after it has tripled its investment budget for this year.

Romanian harbor operator Socep Constanta (SOCP.RO) expects a pretax profit of 5.2 million lei (EUR1.28 million) this year, down 10% from RON5.8 million in 2010, after it has tripled its investment budget for this year.

Revenue is seen flat on the year at RON51.5 million, while overall costs are estimated to rise 2%, to RON46.3 million, following higher investments, Socep said Thursday in a statement sent to the Bucharest stock exchange.

This year, the company plans to invest RON7.3 million, compared to RON2.7 million in 2010.

Niculae Dusu and Ioan Dusu, owners of BCA Celco Constanta, indirectly hold 42.95% in Socep, namely 31.58% through the DD group and 11.37% through Celco.

Other Socep shareholders include Transport Trade Services with 14.14% and Stere Samara with 10.51%.

Company shares closed down 1.48% Wednesday, at RON0.34. (EUR1=RON4.076)