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Bucharest, May 11 /Agerpres/ - The Danube shipyard of Orsova (SNO) closed the first quarter of 2015 with a gross profit of 651,462 lei, 18 percent above the budget forecast of 550,000 lei, according to the company's report to the Bucharest Stock Exchange on Monday. (1 euro = 0.225 lei approximately)

SNO's profit in Q1 2014 was over 1.213 million lei.

The company's Q1 operating income grew by 39.6 percent year-on-year to 13.12 million lei, especially owing to additional income from the commissioning of several ships that were in advanced construction stages at the end of 2014.

On March 31, SNO's bank loans amounted to 3.528 million lei; they were paid off in April, after cashing in the value of the commissioned ships.

Q1 investments totalled 690,670 lei, or 62 percent of the 1.12 million lei earmarked in the budget.AGERPRES

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