Comvex Constanta, one of the main harbour operators in Romania last year posted net profit of 1.4 million euros, down 48.2% compared with 2003. The turnover was of 10 million euros, 10.2% lower than in the year before. The results of the company are weaker than in 2003 particularly because Comvex collected on a series of penalties from Sidex that year, which boosted the turnover by approximately 2.5 million euros. The shareholders of the company had also approved the revaluation of the corporeal assets, according to the legal provisions in force, with the amortisation alone set to generate additional expenses of more than 0.7 million euros. The results posted by Comvex are better than estimated, though, as the company anticipated it would make full-year net profit of more than 0.9 million euros at a turnover of 5.2 million euros. The company officials were not available to provide further details. Comvex benefited from the increase in the steel market last year, where prices tripled due to strong growth from China, which made every manufacturer in the Central and Eastern Europe up their production quotas. ZF
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