RAS net profit of Vyborg Shipyard up 14.4 times to RUR 261.3 mln in Q1 09

In the first quarter of 2009, net profit of Vyborg Shipyard OJSC under Russian Accounting Standard increased 14.4 times, year-on-year, to RUR 261.333 mln, the company’s official materials read.

The value of the company’s assets as of the end of the quarter amounted to RUR 20.991 bln. In late 2008 it was RUR 18.315 bln, thus the growth was about 23%. The company attributes the growth to fast growing number of shipbuilding orders.

Vyborg Shipyard was founded in 1948. Today it specializes in construction of sea platforms for development of the fields at the self as well as in construction of small and average capacity vessels. In 2007, the company’s loss under Russia Accounting Standard totaled RUR 141.198 million.