Yantar Shipyard announces net profit of RUB 400 mln in 2016
Yantar Shipyard (Kaliningrad Region, United Shipbuilding Corporation) says its net profit in 2016 totaled about RUB 400 mln and will be used for further modernization of the company.
The accounting and tax reports will be ready in March 2017. “However, it is already safe to say that the shipyard has achieved its goals with the annual revenue forecasted at about RUB 12 bln and net profit of about RUB 400 mln,” says the statement.
Moreover, in 2016 the company fully covered the losses of previous years. The last loan was repaid in advance in December 2016 and the company entered the year of 2017 without any debt to banks.
The profit of 2016 is supposed to be spent under the company’s programme on retrofitting and upgrading. The programme which has been under implementation from 2011 is financed by the shipyard and by the federal budget.
In 2016, Yantar Shipyard delivered to RF Navy two guard ships, the Admiral Grigorovich and the Admiral Essen; started building a series of trawler-seiners for the Fishing Collective Farm named after V. Lenin; commenced trials of the guard ship Admiral Makarov and the large landing ship Ivan Gren. The shipyard is currently building the large landing ship Peotr Morgunov, three guard ships of Project 11356, oceanographic research vessels Almaz and Yevgeny Gorigledzhan. In 2017, the shipyard is going to secure orders for construction of different vessels.
Kaliningrad-based Baltic Shipbuilding Plant “Yantar” (Yantar Shipyard) was founded on July 8, 1945 on the basis of a Koenigsberg unit of German’s Schichau Werft. Yantar Shipyard specializes in building and repair of warships and civil boats. Throughout the years the Shipyard has built 160 warships and more than 500 merchant vessels. The Russian Government holds majority stake in the shipbuilding firm through Western Center of Shipbuilding, a subsidiary of state-owned United Shipbuilding Corporation.
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