Sakhalin Shipping posts Q1 loss of 39m rubles, down 14 percent

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 May 2010

Sakhalin Shipping Company reported first-quarter net loss of 38,995 million rubles, according to Russian Accounting Standards (RAS), a 14.3-percent drop from Q1, 2009. The Company’s quarter revenues totaled 510.762 million rubles, up 17.75% from Jan-Mar, 2009, the Company’s financial reports said.
During 2009 the Shipping Company had a net income of 19.141 million rubles, or 10.4 times less than that of 2008, revenues dropped by nearly 14% to 2,067,347,000 rubles. The Company said a decline in freight traffics and costs growth were the main factors that significantly affected the first-quarter figures and the financial results in 2009.
Sakhalin Shipping Company is the only company that provides year-round transportation from the ports De Castries, Vanino and Sovetskaya Gavan. The Company owns and operates its fleet of Russian-flagged, Ice Class 21 cargo carriers (not including icebreakers, tugs and other support vessels). The Sakhalin Shipping serves the rail ferry line between Sakhalin (port Kholmsk) and Vanino port. The Russian Govt holds a 25.5-percent stake in Sakhalin Shipping Company OJSC.  The rest of the Company’s stock are in ownership of 4.000 stockholders, private companies and entrepreneurs.

Source:  Portnews