Murmansk Shipping posts 8% revenue growth for 2010

Revenues of Murmansk Shipping Company (MMP) for the period of 2010 ended Dec. 31st increased by 8%, the press service of the company reports. Exact figure was not specified. In 2009 consolidated revenues of MMP Group totaled RUB 9,1 billion.


MMP Board of Directors’ annual meeting was held today to review the results of financial and business operations for the year 2010. The Board pre-approved the annual report. The company’s financial result amounted to RUB 233 million,excluding depreciation and amortization. Effectiveness of measures implemented under the energy conservation program in 2010 totaled more than $ 5 million. Other figures were not disclosed.


Murmansk Shipping has been considering commercial projects, in line with the Group’s program for the fleet upgrade for the period until 2015, for acquisition of dry bulk carriers with displacement of 75,000 and 30,000 tons.


JSC Murmansk Shipping Company is an integrated corporate structure, which comprises the fleet of three Russian operators: JSC Murmansk Shipping Company, JSC Northern Shipping Company, JSC Northern River Shipping Company with a total deadweight of about 1.2 million tons. The share of the Russian Federation in the authorized capital of MMP is 25.5%.
(Source:http://en.portnews.ru)