Net loss of Severnaya Verft Shipyard for the first half of 2012 according to Russian Accounting Standards (RAS) increased by 2.5 times compared to January-June 2011, to RUB 763,073,000, the shipbuilding company said.
Revenue of the company for the reporting period fell 32% to nearly 3.9 billion rubles.
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.