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St. Petersburg Sea Port loses $1mln in 1Q06 on tax arrears

ST. PETERSBURG, May 3 (RIA Novosti, Olga Vtorova) - Sea Port of St. Petersburg said Wednesday its net losses in the first three months of the year were $1.1 million, which it attributed to sorting out tax irregularities

The press service for the Sea Port, a group of stevedoring companies operating in the largest traffic junction in northwest Russia, said the loss was due to a fine that tax authorities had imposed following an inspection of its activities in 2002.

"As a prompt payer, the company has transferred the due amount to the federal budget. However, the company's management disagreed on some counts and filed an appeal with an arbitration court," the press service said.

The Sea Port's net profit was $71,000 in 4Q05.

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