Net loss of St. Petersburg-based Severnaya Verf Shipyard for the first quarter of 2012 according to Russian Accounting Standards (RAS) decreased by 8.5% compared to the same period last year, to RUB 297,546,000, the shipbuilding company said.
Revenue over the same period dropped 1.7 times to RUB 1,568,930,000.
St. Petersburg-based Severnaya Verf (Northern Shipyard) is a leading shipbuilding company of the Russian defense industry. The firm has been part of Moscow-headquartered United Industrial Corporation since 2004. The shipyard specializes in building cruisers, destroyers, minesweepers, patrol vessels and antisubmarine, research and passenger vessels, timber cargo carriers, trawlers, container ships and Ro-Ro vessels for the Russian Defense Ministry and foreign customers.