RAS net profit of Northern Shipping Company up 6.3 times in H1 07, y-o-y

In the first half of 2007, net profit of Northern Shipping Company OJSC under Russian Accounting Standard grew 6.3 times, year-on-year, to RUR 47.706 million, the company reports according to RBC. The company’s revenue grew by 4.8% - to RUR 1.641.829 billion. Northern Shipping Company was founded in 1870.

Northern Shipping Company OJSC was registered in Archangelsk in 1992. Currently the company operates at the market of world sea transportation. The company’s fleet consists of multi-purpose 2,500 dwt -14,000 dwt dry cargo carriers transporting round timber, sawn timber, pulp-and-paper goods, general, bulk, hazardous and other types of cargo. The company’s authorized capital totals RUR 957.854 thou. Its major shareholders are Murmansk Shipping Company OJSC (55.242%) and Russian Federation (20%). In 2006, net profit of Northern Shipping Company under RAS amounted to RUR 180.507 million.