Novoship RAS net profits climb 14% in H1
KRASNODAR. Aug 14 (Interfax) - OJSC Novorossiysk Shipping Company (Novoship), a member of the Sovcomflot group, earned 173.229 million rubles in net profits to Russian Accounting Standards (RAS) in the first half of 2013, 14.1% more year-on-year, the company reported.
Company sales revenues were up 8% at 420.088 million rubles.
Gross profits increased 35.2% to 202.833 million rubles in H1, pretax profits 16% to 215.081 million rubles.
The company's long-term liabilities stood at 11.7 million rubles on June 30, up 3.5% over the six months. Its short-term obligations decreased 4.6% to 1.07 billion rubles. Management costs increased by a third to 123.5 million rubles.
Sovcomflot owns 98.3% of the ordinary stock in Novoship (89.3% of charter capital). Novoship had 55 vessels with combined deadweight of some 4.8 million tonnes. Average ship age is around nine years. The fleet's market value is about $1.2 billion.
