Navantia stays in the red, but reduces deficit

摘要

Spanish state-owned shipbuilder Navantia has remained in the red for the third consecutive year, although it stemmed the loss at under EUR55 million (USD77.9 million). Cutting losses was one of the main goals of Aurelio Martinez when he took over the presidency of the company in July 2009. Martfnez left Navantia in February 2011 to head up the state lottery company and has been replaced by his then director of co-ordination and institutional relations, Luis Cacho, who now has the title of managing director.