Net profit of Ust-Luga Company up 40.7 times to RUR 161.8 mln in Q1 08

In the first quarter of 2008, net profit of Ust-Luga Company OJSC increased 40.7 times, year-on-year, to RUR 161.8 million, the company informs. According to the report, the company’s revenue grew 3.96 times to RUR 137.5 million. Net profit of the Emitter in 2003 – 2005 was generated by a positive balance of operating income and costs formed mainly due to flow of securities and facilities in process of construction within the group of companies. The share of other income in the Profit and Loss Statement for 2007 and Q1 08 exceeds the revenue by 37% and 331% respectively, which reflects the sale of subsidiaries’ shares. Ust-Luga Company OJSC was founded in 1992. It is the customer-developer of the sea trade port of Ust-Luga (Ust-Luga Bay in the Gulf of Finland).