Net profit of Sovkomflot OJSC in the first half of 2006 amounted to $86.1 million according to IAS
On august 31, 2006 the meeting of the Board of Directors of Sovkomflot OJSC was held in Moscow. Igor Shuvalov, assistant of the President of RF, was elected the Chairman of the company’s Board of Directors. This information has been provided by the press center of Sovkomflot OJSC. Consolidated financial results of Sovkomflot OJSC in the first half of 2006 are the following: revenue — $246.3 million (year-on-year result of 2005 - $197.6 million); operational profit — $95.9 million (year-on-year result of 2005 - $71.2 million); net profit — $86.1 million (year-on-year result of 2005 - $60.2 million). The Board of Directors stated that under weakened market conditions the efficiency of the company’s fleet operation increased by 10%. Average time charter equivalent and operating revenue calculated for vessel per day has also increased. The Board of Directors of Sovkomflot OJSC includes: Shuvalov I.I., assistant of the President of Russian Federation (Chairman of the company’s Board of Directors); Bortnikov А.V. — head of the economic security service of Russia’s FSB; Grechukhin I.N. — director of the Department of the Ministry of Economic Development of Russia; Davydenko А.А. — head of Romorrechflot; Kostin А.L. — president - chairman of the management board of Foreign Trade Bank OJSC; Medvedev Y.М. — deputy head of Rosimushchestvo; Misharin А.S. — deputy Minister of Transport of Russian Federation; Nikitin G.S. — head of Rosimushchestvo Administration; Ryzhkov D.А. — deputy head of Administration of the Russian Federation Government; Tikhonov А.V. — director of the Department of Russia’s Ministry of Transport; Frank S.О. — general director of Sovkomflot OJSC.