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STATE SEA SHIPPING COMPANY EXPENSES DOWN BY USD 4 M IN 2001
Business | January 31, 2002, Thursday // 00:00
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State –owned shipping company Navibulgar has reduced expenses by over USD 4M in the second half of 2001, Transport and Communications Minister Plamen Petrov announced. The cuts have been made by cancelling or revising insurance, repair and construction contracts. The company is currently holding negotiations with suppliers on lower prices of fuel and lubricant deliveries. Navibulgar ships will carry coal imports for Varna thermal power plant on the Black Sea coast. Reduced expenses accounted for the higher pre-tax profit the cash-strapped company projected. A total of USD 8 M have been earmarked for buying two second-hand dry cargo vessels with a gross register tonnage of 14,000 tones each. Earlier in the month the company projected 2001 pre-tax profit at BGN 985,485. Profit for 2000 was BGN 680,000.
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