25 Oct 2017 18:26

United Shipbuilding Corp could see earnings fall by half to 3 bln rubles in 2017

MOSCOW. Oct 25 (Interfax) - United Shipbuilding Corporation (USC) could have net profit of just over 3 bullion rubles this year, its president, Alexei Rakhmanov, told reporters.

This would be half the 6 billion rubles profit that USC reported to Russian Accounting Standards for 2016.

Rakhmanov said sales revenue might be over 350 billion rubles, up from 304 billion rubles last year, although the exact figures would not be known until later.

"November and the first half of December is a very important period for us when we finish testing all the vessels we have built," he said.

Rakhmanov also said USC planned to invest around 500 million rubles in its own venture fund to develop innovatory projects from the net profit of its enterprises and dividends for 2017.