Sanctioned Russian shipbuilder Krasnoye Sormovo reduced its loss for the first quarter as revenue rose.
The yard is on a US sanctions list due to its ownership by Russian state holding company United Shipbuilding Corp (USC), which is alleged to have produced naval vessels involved in the Ukraine war.
The net loss to 31 March was RUB 316.6m ($3.4m), down 47% from RUB 598.6m in the same period of 2023, the yard said, according to Interfax.
Revenue increased 90% to RUB 2.75bn.
Long-term liabilities rose from RUB 33.3m to RUB 38bn over the same period, while short-term liabilities dropped from RUB 12.3bn to RUB 10.6bn.
Last year, Russia’s sanctioned State Transport Leasing Co handed USC its biggest-ever single ship order.
A deal was signed at the St Petersburg International Economic Forum for 34 river-sea general cargo ships of the RSD59 type, which are usually 8,150 dwt.
Krasnoye Sormovo will deliver the vessel in batches.
The first 10 were due to be handed over by the end of this year. A further 12 are due by September 2025 and the final 12 ships will be delivered by January 2027, according to the Ministry of Industry & Trade.
Other USC yards include Lotos, Astrakhan Shipbuilding and Third International Shipyard.
