Net income of JSC United Shipbuilding Corporation (USC) under Russian Accounting Standards (RAS) for the 2011 period ended December 31, totaled RUB 779.24 million, which represents a fivefold surge year-over-year, the USC press office said.
The Corp.'s revenue leaped as much as twenty times in comparison with FY 2010, to RUB 416.32 million.
United Shipbuilding Corporation was founded in 2007 as a 100-percent state-owned group of companies by the Presidential Decree № 394 (March 21, 2007). UCS currently incorporates three regional shipbuilding centers, nine engineering and design offices and 39 dockyards. The Corp’s largest shipbuilding assets include Kaliningrad-based JSC Yantar Shipyard, JSC Admiralty Shipyards (St. Petersburg), JSC PA Sevmash (Severodvinsk), JSC DVZ Zvezda (Vladivostok) and Baltic Shipyard Besides, UCS holds a 50% stake in Arctech Helsinki Shipyard, a joint venture with STX Finland Cruise Oy.
The Corporation participates in several major international projects: construction of a new mega shipyard Zvezda-DSME through a JV with Daewoo Shipbuilding & Marine Engeneering (South Korea), the construction jointly with Yantai Raffles (Singapore) of Vostok-Raffles Shipyard. In 2010, USC posted total revenue of RUB135 billion. Currently, USC consolidates about 70% of the domestic shipbuilding industry. The Group focuses on the Russian market, but also exports its products to 20 countries.