In January-March 2007, loss of Sea Port of St. Petersburg OJSC totaled RUR 32.501 million against RUR 29.363 million in Q1 06, the company reports according to RBC. The company attributes the loss to growing expenses of Sea Port of St. Petersburg (RUR 51 million). In particular, earlier the company used RUR 15 million for setting up of a reserve fund for doubtful accounts receivable.
Sea Port of St. Petersburg OJSC (Morport SPb) is the largest stevedoring company of the port of St. Petersburg. In 2006, the Group’s companies handled 11.8 million tons of cargo. The Group’s share in cargo turnover of the Big Port of St. Petersburg was 22% in 2006.