Bijela falls to red

Shiprepairer Adriatic Shipyard Bijela has fallen into the red in the first quarter.

The Montenegrin shipyard said it logged a net loss of EUR 0.74m ($1m) to 31 March, compared to a profit of EUR 0.11m a year earlier.

Operating income fell 30% year-on-year to EUR 3.1m, with operating costs were down by 10% to EUR 3.8m.

The company has been the subject of a state auction this year, but sole bidder Damen Shipyards’ offer was rejected.