Sovcomflot has published its IFRS results for January-March 2023.
Revenue for the period was up 58.4% year-on-year to $626.9 mn, time-charter equivalent (TCE) revenue up 96.7% to $551.7 mn.
EBITDA grew 2.4-fold to $452.5, operating profit made $351.3 mn compared to operating loss of $ 79.8 mn for the same period of 2022, and profit before tax was $308.1 mn compared to a loss of $94.7 mn a year ago.
Profit for the period made $285.9 mn compared to a loss of $90.8 mn for Q1 2022.
Deprecation, amortization and impairment decreased by 60.2% to $101.1 mn, general and administrative expenses were up 12.2% to $17.6 mn, and financial expenses down 50.9% to $24.2 mn.
The Group’s net debt as of March 31, 2023 was down 30.4% year-on-year to $646.1 mn.
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