Sovcomflot boosts IFRS net profit 9.2% to $103 mln in Q1

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Sovcomflot boosts IFRS net profit 9.2% to $103 mln in Q1

MOSCOW. May 19 (Interfax) - Sovcomflot, Russia's largest shipping company, boosted IFRS net profit 9.2% in Q1 2016 year-on-year to $103.1 million, the company said in a statement.

Time charter equivalent revenue edged up 0.4% to $290.8 million.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 6.6% to $187.5 million.

As at March 31, 2016 the fleet of Sovcomflot group of companies amounted to 140 vessels (including the fleets of joint ventures) with a total deadweight of 12.2 million tonnes.

Sovcomflot (SCF), Russia's largest shipping company, specializes in carrying crude oil, oil products and liquefied natural gas (LNG). SCF, which has one of the world's largest tanker fleets, is wholly owned by the government.