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Sovcomflot 2010 net profit down 11.3% to $164.3 mln

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Russia's Sovcomflot, one of the world's top five shipping companies, saw 2010 net profit fall 11.3% to $164.3 million to IFRS, the firm said in a statement on Friday.

Russia's Sovcomflot, one of the world's top five shipping companies, saw 2010 net profit fall 11.3% to $164.3 million to IFRS, the firm said in a statement on Friday.

"In 2010, Sovcomflot Group demonstrated a robust financial and operational performance although it was another challenging year for the shipping industry - the year of the weakest freight market in the past decade. We have outperformed our peers by revenue growth and profitability," Sovcomflot said.

Gross revenue last year rose 7.4% to $1.313 billion, the firm said.

EBITDA fell 3% to $533.3 million in 2010, while time charter equivalent (TCE) edged up by 1.3% to $943.7 million.

The government plans to cut its share in Sovcomflot to 75% from 100% in 2011 and to 50% in 2012-2013.

Sovcomflot operates 132 ships with total deadweight of 9.4 million tons. The government has said it may slash its share to below 50% in 2014-2015, if it preserves control over Sovcomflot's orders. The company said it may hold an initial public offering no earlier than next year.

MOSCOW, April 15 (RIA Novosti)

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