In January to June 2010, Severnav reported a loss of RON2.15 million.
Severnav said total costs fell 14.4% on the year to RON58.7 million in the first half, while overall revenue was down 8.8% to RON60.7 million.
The company reported total sales of RON47.2 million, down 38.8% on the year.
Romanian investment fund Fondul Proprietatea (FP.RO) owns 39.1% in Severnav, while International Railway Services and Investment Group hold stakes of 29.05% and 21.33%, respectively.
On the Bucharest bourse July 13, Severnav closed down 19.43% at RON2.5 a share.