Sovcomflot sees IFRS net profit fall 38% to $33.1 mln in 2012
MOSCOW. April 12 (Interfax) - OJSC Sovcomflot (SCF) saw its net profit to International Financial Reporting Standards (IFRS) fall 38% to $33.1 million in 2012, according to the company's financial statement.
Time charter equivalent revenues edged up 0.2% to $929.6 million last year, with combined revenue rising 0.3% to $1.443 billion. Income from oil transport fell 4% to $675 million, revenue from petroleum product transport declined 3.4% to $425 million, and income from gas transport was down 1.4% to $86.5 million. SCF earned $201 million from offshore transport, up 5.8%. Revenue from transport of other types of freight soared 190% to $55 million.
SCF is the largest shipping company in Russia, specializing in the transportation of oil, petroleum products and liquefied gas. It is also one of the biggest tanker fleet operators in the world. The company is wholly owned by the Russian government and manages 159 ships.
