Sovcomflot swings to $5.3 mln IFRS net loss in 9M
MOSCOW. Nov 21 (Interfax) - Sovcomflot has $5.3 million in net losses to International Financial Reporting Standards (IFRS) in January-September this year versus the $42.4 million in net profits it earned in the same period last year, the company said.
"For the period to September 30, 2013, the group made adjusted [net] profit of $28.8 million (9M 2012: $71.0 million net profit). This performance reflects the especially challenging tanker market conditions experienced over the period," the company's January-September financial report says.
Gross revenue declined 7.8% to $964.6 million in the nine months. EBITDA was down 4.5% to $301.7 million.
Time charter equivalent (revenue from charter and leases net of costs) edged down 1% to $661.4 million.
Sovcomflot posted an IFRS net profit of $33.1 million in 2012, 38% less than in 2011. Revenue in time charter equivalent was up 0.2% to $929.6 million.
Sovcomflot is Russia's largest shipping company, specializing in oil, petroleum products and liquefied gas handling. It is one of the world's largest tanker fleet operators. Sovcomflot is wholly owned by the Russian government.
