Aker Braila (formerly known as Braila Shipyard) concluded 2002 with 121.7bn ROL in losses, after having posted 12.8bn ROL net profit in 2001, its annual report shows. "2002 was a not a very good year for our company. Actually, it was the worst in the last decade," the document shows. The main reasons to have caused the 2002 losses include - as explained by the management, the dwindling number of orders due to the decline of this market and the depreciation of the national currency against the dollar, along with the inflationary rate. Intermittent use of the productive capacities throughout last year was yet another factor contributing to the losses, as the inactivity periods shown in the production costs weighed heavily on the company's results. Total revenues in 2002 amounted to 852.4bn ROL, while expenses reached 974.1bn ROL. Turnover rose from 554.5bn ROL in 2001 to 916.8bn ROL. Aker Braila derived revenue from selling six ship hulls to Norway, one ship to Holland and five ships it had stocked to Turkey. It was employing more than 2,600 people by December 31, 2002, but shareholders early in April decided to lay off 534 of them as part of a 26bn ROL restructuring programme. ZF
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