Russia's Sovcomflot, one of the world's top five shipping companies, saw 2010 net profit fall 11.3% to $164.3 million to IFRS, the firm said in a statement on Friday.
"In 2010, Sovcomflot Group demonstrated a robust financial and operational performance although it was another challenging year for the shipping industry - the year of the weakest freight market in the past decade. We have outperformed our peers by revenue growth and profitability," Sovcomflot said.
Gross revenue last year rose 7.4% to $1.313 billion, the firm said.
EBITDA fell 3% to $533.3 million in 2010, while time charter equivalent (TCE) edged up by 1.3% to $943.7 million.
The government plans to cut its share in Sovcomflot to 75% from 100% in 2011 and to 50% in 2012-2013.
Sovcomflot operates 132 ships with total deadweight of 9.4 million tons. The government has said it may slash its share to below 50% in 2014-2015, if it preserves control over Sovcomflot's orders. The company said it may hold an initial public offering no earlier than next year.
MOSCOW, April 15 (RIA Novosti)