04:48 GMT07 June 2020
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    Shipping firm Sovcomflot's net profit up 31% to $471 mln in 2007

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    MOSCOW, April 7 (RIA Novosti) - Russia's largest shipping company Sovcomflot said on Monday its net profit calculated to International Financial Reporting Standards (IFRS) grew 30.8%, year on year, in 2007 to $470.8 million.

    Sovcomflot, which operates 59 vessels with a total deadweight of 4.58 million metric tons, said its net profit included the financial results of the Novorossiysk shipping company (Novoship).

    In 2007, the Russian government, which holds a controlling stake in Sovcomflot, consolidated its shipping assets by contributing its 50.34% stake in Novoship to the charter capital of Sovcomflot.

    The company's revenues grew 16.1% in the reporting period to $1.24 billion, and earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 9.5% to $639.5 million.

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