Net profit of Severnaya Verf shipyard (Saint Petersburg) totaled RUR 410.1 million in the third quarter of 2006, after year-on-year loss of RUR 193.083 million, the company reports according to RBC. The company’s 2Q net profit was only RUR 5.414 thou. The report attributes this growth to implementation of current orders. Severnaya Verf is located at the entry to the sea canal of the Gulf of Finland. The shipyard's facilities including covered slip with four construction sites and hoisting equipment with a floating dock enable construction and repair of different ships and vessels according to the requirement of all classification societies. In 2005, the company’s IFRS revenue totaled $471 million. Rosimucshchestvo (Federal Property Management Agency) holds 20.96% of the company’s shares, International Industrial Bank CJSC – 72.23% (nominal title). In 2005, RAS net profit of Severnaya Verf totaled RUR 257.799 million against loss of RUR 34.149 million in 2004, revenue was RUR 12.814106 billion (23.4-times increase), income from sales – RUR 2.654204 billion (10.8-times increase).
Net profit of Severnaya Verf shipyard totals RUR 410.1 million in 3Q06
Severnaya Verf shipyard OJSC is one of the largest shipbuilding companies of Russia. Current order backlog of the company exceeds $2 billion. Major orders are construction of naval destroyers of 956ЭМРФФИ Severnaya Verf amounts to RUR 147.825 thou divided into 147.825 thou shares with a nominal value of 1 ruble each. project for Chinese Navy and corvettes of 20380 project for Russian Navy. Major shareholders of the company are United Industrial Corporation CJSC (72.23%, affiliated with Mezhprombank) and (20.96%). The authorized capital of