Sovcomflot IFRS net profit up 18% in Q1 07, y-o-y

In January-March 2007, IFRS net profit of Sovcomflot totaled $56.2 (+18%, year-on-year), the company’s report states according to AK&M. Revenues from the company’s fleet operation grew by 27.2% to $160.1 million, operating revenue increased 18.8% to $98.7 million. The share of Russian and transit cargo crossing the territory RF made 51.9% of total liquid bulk cargo transported by Sovcomflot (mostly from the port of Primorsk).
Sovcomflot OJSC is Russia’s largest shipping company. 100% of the company’s shares are owned by the state. The company specializes in energy shipping. The company’s fleet numbers forty six tankers and gas carriers of more than 4.2m dwt. All the tankers are double-hulled, with average age of oil tankers being less than five years – one of the best indices in the international shipping market. Today the company’s fleet participates in shuttle transportation of oil under Sakhalin-1 project.
In 2006, the company’s IFRS net profit grew by 25%, year-on-year, to $179.1 million. EBITDA totaled $283 million (+15%, year-on-year). Balance sheet value of Sovcomflot surged 36.3% to $2.6 billion.