Novoship slashes RAS losses 80% to 468 mln rubles in 2011
MOSCOW. March 13 (Interfax) - OJSC Novorossiysk Shipping Company (Novoship) , a division of the Sovcomflot group, reduced its net loss to Russian Accounting Standards by 82% to 468 million rubles in 2011, the company reported in a statement.
Novoship's revenues fell 7% to 722.3 million rubles in 2011.
The RAS financial statement does not reflect the results of the company's fleet. The company currently does not have a single ship that sails under the Russian flag.
Most of the revenue, 531 million rubles, was generated by commercial and technical management, and information consulting services. Leasing of property generated 126 million rubles of revenue.
The company's average annual workforce shrank by 21% to 333 employees in 2011. The recommended remuneration for the three members of the company's management board, including Novoship president Igor Tonkovidov, is 44.7 million rubles for 2011, down from 54 million rubles for 2010. The amount is subject to approval by the annual general meeting.
Novoship is one of the world's largest shipping companies specializing in hydrocarbons. The company has a fleet of 56 ships with combined deadweight of about 4.6 million tonnes and an average age of seven years. Sovcomflot owns 98.09% of common shares (88.61% of charter capital) in Novoship.
Novoship said in the report that it had entered into an agreement with OJSC Novorossiysk Commercial Sea Port (NCSP) to sell the property, real estate and 100% of shares in its subsidiary LLC Novomorsnab, a freight forwarding company that has been processing, storing and forwarding various types of cargo for more than 12 years.
Novomorsnab operates two terminals in Novorossiysk. It is being sold as part of a program to dispose of Novoship's noncore assets.