Navantia's losses increase 80% in 2012

16 July 2013

Spanish shipbuilder Navantia has reported that its annual losses increased by more than 80% in 2012, while also saying that it will not be replacing its former chief executive who resigned in June.

Figures released by the state-owned company on 17 July show it made a loss of EUR78.27 million (USD103 million) in 2012, up from EUR43.25 million the previous year.

Sales also tumbled, from EUR1.2 billion to EUR906.4 million, of which EUR654.2 million came from shipbuilding, down from EUR920.1 million the previous year.

The breakdown of the figures showed a fall from EUR597.4 million to EUR426.6 million in domestic sales, and international sales sliding from EUR652.2 million to EUR479.7 million.

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