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Sovkomflot Numbers Up "Indicatively"
Sovkomflot has preliminarily reported a 130-percent increase in receipts for 2007, at over $1.2 billion by international accounting standards, after consolidating the indicators for OAO Novoshil into its consolidated accounts. It received control over Novoshil at the end of last year. Now the company's assets are worth over $5 billion. In 2006, its receipts were $510.7 million and assets $2.6 billion. The company's final report will be issued in April.
Sovkomflot, which is wholly owned by the Russian government, plans to increase its deadweight by 7 percent this year and introduce liquefied natural gas tankers. By the end of this year, the company will have 130 ships with a total deadweight of 9.3 million tons. The average age of a tanker will be five years, nine months, which is almost half the world average.
Sovkomflot received the 67-percent state share in Novoshil in December 2007. Novoshil had assets of $1.99 billion and receipts of $560.9 million in 2005. Experts call the Sovkomflot consolidated account “indicative,” saying the true effectiveness of the acquisition of Novoshil will be felt only in the course of the year.
www.kommersant.com
All the Article in Russian as of Feb. 26, 2008
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