MURMANSK, May 17 (RIA Novosti) - Murmansk Shipping Company (RTS: MUSH) said Wednesday its net profit had risen 58% year-on-year in 2005 to 814.3 million rubles ($28.5 million).
The company held an annual shareholders' meeting Wednesday, which decided to pay 2005 dividends equaling 13.94 rubles (about $0.5) per share with a par value of 1 ruble.
The company, which has a charter capital of 943,000 rubles (about $35,000), said its freight carriage accounted for 40% of cargoes transported in 2005 by ships flying the Russian flag.
"The company plays a key role in delivering cargoes to Russia's Arctic regions and has been responsible for up to 80% of cargoes shipped along the Northern Maritime Route in the past few years," the company said.
The company's fleet shipped 6.65 million metric tons of cargo in 2005 and the volume of work done and services rendered rose 11% on 2004, the company said.
The company purchased six vessels in 2003-2005 with a total deadweight of 205,000 metric tons, including the tanker Natalie with a deadweight 147,000 metric tons in 2005. The company also modernized six vessels at Chinese shipyards in 2003-2005.
Under the company's strategic development concept, its board of directors prioritized the acquisition and construction of vessels in 2006, the company said.
The company Arctic Technologies holds more than 60% of shares of the Murmansk Shipping Company, the federal government holds a 25.5% stake and private individuals possess the remaining stock.
