Sea Port of St. Petersburg posts Q1 RUB38.894m loss, vs last year’s profit

First-quarter net loss of Sea Port of St. Petersburg OJS Company reached 38.894 million rubles against net income $42,125,000 a year earlier, the Company’s financial report said.
The statement said the quarterly loss jumped as much as 2.9 times from Q1, 2009, primarily due to the Company’s sales drop (leading revenue decline rate vs a cost reduction).

The Sea Port of St. Petersburg Group is comprised of First Stevedoring Company CJSC, Second Stevedoring Company CJSC, Third Stevedoring Company CJSC, Fourth Stevedoring Company CJSC operating at the Big Port of St. Petersburg, the Ust-Luga’s universal transshipment complex, and several service companies.