MOSCOW, April 16 (RIA Novosti) - Russia's largest shipping company Sovcomflot said Monday its net profit calculated to International Financial Reporting Standards (IFRS) grew 25%, year-on-year, in 2006 to $179.1 million.
Sergei Frank, the company's general director, said 2006 was one of the most successful periods in the history of Sovcomflot, which operates 56 vessels with a total deadweight of 4.36 million metric tons.
"Revenues from tanker operations increased 24% to a record level [$510.7 million], the shipping company has the largest fleet in its history and one of the youngest tanker fleets in the world," Frank said.
The company's assets increased 36.3% in the reporting period to $2.6 billion by the end of 2006 while earnings before interest, taxes, depreciation and amortization (EBITDA) grew 15% to $283.3 million, the company said.
