3 Maj boosts capital by $5m

Croatian shipyard issues new shares following 77% profit drop.

Croatian shipyard 3 Maj said it has boosted its share capital by HRK 35m ($5.26m) in a new issue.

It sold 350,000 new shares at HRK 100 each, boosting its equity to HRK 181.2m, it said in a filing.

3 Maj is 83.15%-owned by Pula-based shipbuilder Uljanik.

It had earlier announced pre-tax profit of HRK 32.6m for 2016, 77% less than in 2015.

Revenue was HRK 1.04bn last year, nearly 9% up from 12 months previously.

Operating expenses increased by 18% to HRK 847.2m, while staff costs rose 17.6%, however.

At the end of 2016, it had 11 vessels worth HRK 1.8bn in its orderbook.

The company also had 1,312 employees at that time.