Net loss of North-Western Shipping Company (NWS) to Russian Accounting Standards (RAS) in the first half of 2011 grew by 14.3% compared to January-June 2010, to RUB 313 325 000, the Company said.
Revenue for the period declined by 2.2% to RUB 1 580 167 000.
Operating profit margin dropped by 14.07 percent versus 8.78 percent a year ago.
OJSC North-Western Shipping Company is the largest Russian carrier of general cargo, bulk, grab cargoes, specializing in towing oversized cargo and vessels. The company operates a fleet of 130 vessels with total deadweight of about 450,000 tons, including 105 ‘river-sea’ ships, 6 barges, 12 tugboats and 7 auxiliary ships. The company is part of VBTH, is a majority owned shipping asset of UCL Holding.