Sovcomflot IFRS net profits sink 95.6% in Q1
MOSCOW. June 14 (Interfax) - OJSC Sovcomflot made $2 million in net profits to International Financial Reporting Standards (IFRS) in the first quarter of this year, which was a 95.6% year-on-year plunge.
Gross sales revenue for the quarter decreased 16.1% to $313.2 million and earnings before interest, taxes, depreciation, and amortization (EBITDA) 58.5% to $30.9 million. The time-charter equivalent - income from freighting and rent, less voyage expenses - amounted to $201.8 million, down 16.4% year-on-year.
"During the first quarter, conditions on tanker markets continued to be extremely complicated. In general, we do not expect substantial improvement on the markets for oil tankers and gas tankers until 2014," the company's general director, Sergei Frank, is quoted in a Sovcomflot statement as saying.