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ZAGREB (Croatia), April 26 (SeeNews) - Croatian shipping company Uljanik Plovidba [ZSE:ULPL-R-A] said on Wednesday its consolidated net loss contracted to 15.7 milion kuna ($2.3 million/2.1 million euro) in the first three months of 2017, from a loss of 22.3 million kuna a year earlier.
Uljanik Plovidba's total revenue increased to 51.4 million kuna in the three months through March from 44.9 million kuna in the corresponding period last year, while total expenditures remained flat at 67.1 million kuna, the company said.
Uljanik explained that low freight rates in the tanker transport sector troubled the company in the first three months of the year. However, a recovery of this market sector is expected in the second quarter as a result of increased demand and a decrease in the number of newly built/contracted tankers. the company noted.
(1 euro= 7.47063 Croatian kuna)