The company said the net deficit to 31 March was HRK 59.9m ($10.3m), against aprofit of HRK 5.6m a year earlier.
Revenue fell to HRK 278.9m, compared to HRK392.8m in 2012.
Total costs were down at HRK 338.8m, fromHRK 387.2m over the same period.
Croatian shipyard Uljanik has fallen to a first quarter loss as revenue slumped.
The company said the net deficit to 31 March was HRK 59.9m ($10.3m), against aprofit of HRK 5.6m a year earlier.
Revenue fell to HRK 278.9m, compared to HRK392.8m in 2012.
Total costs were down at HRK 338.8m, fromHRK 387.2m over the same period.