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Russia's largest shipping company Sovcomflot said on Monday its net profit
Russia's largest shipping company Sovcomflot said on Monday its net profit calculated to International Financial Reporting Standards (IFRS) grew 30.8%, year on year, in 2007 to $470.8 million.

Sovcomflot, which operates 59 vessels with a total deadweight of 4.58 million metric tons, said its net profit included the financial results of the Novorossiysk shipping company (Novoship).

In 2007, the Russian government, which holds a controlling stake in Sovcomflot, consolidated its shipping assets by contributing its 50.34% stake in Novoship to the charter capital of Sovcomflot.

The company's revenues grew 16.1% in the reporting period to $1.24 billion, and earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 9.5% to $639.5 million.


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