Sovcomflot did better than competitors
In spite of relatively bad financial results in 2009, Sovcomflot did better than most of its competitors on the world marked.
Russia’s largest shipping company Sovcomflot reduced all its financial results in 2009. Revenues dropped 25 percent, net profits dropped 47 percent and earnings before interest and taxes fell 34 percent, news paper Kommersant reports.
Sovcomflot had a net profit of 216.8 million USD in 2009, 47 percent less than in 2008, according to Lloyd’s List.
In November 2009, the Russian Government announced a possible sale of 25 percent of the stocks in the company. According to Sovcomflot’s president Sergey Frank, the initial public offering is not realistic before 2011. He cited continued uncertainty in the economic recovery and in global equity markets as the reason.
Read also: Murmansk port and Sovcomflot on privatisation list
Sovcomflot is 100 percent state owned. The company is one of the world’s leading energy transporters and has 148 vessels with a total deadweight of more than 10 million tons.
