Oct 09, 2007: In Brief Stories

Shipyard Profits Rise

ST. PETERSBURG (SPT) – Severnaya Verf shipyard increased its net profit by 84 percent last year up to $12.89 million, according to International Financial Reporting Standards, Interfax reported Friday.

Revenue accounted for $311.5 million last year as opposed to $457.72 million in 2005. Profit before taxes were reported at $14.5 million – a 48.7 percent increase on 2005 figures.

Maxidom To Expand

ST. PETERSBURG (SPT) – Maxidom retail chain plans to increase revenue by 37 percent this year up to 10 billion rubles ($400 million), Interfax reported Friday.

At the moment Maxidom operates six DIY supermarkets in St. Petersburg. This year the company will open one new supermarket in St. Petersburg and one in Rostov-on-the-Don. By the end of 2009 Maxidom will open six to eight new supermarkets in the regions, investing $20 million to $25 million into each new store.

Joint Holding in Baku

ST. PETERSBURG (SPT) – Kirovsky Plant industrial enterprise has created a joint venture with Kavkaz Holding in Baku, Azerbaijan, Interfax reported Friday.

Kirovsky Plant owns 51 percent of shares of the new venture, and Kavkaz Holding owns 49 percent. The new company will assemble excavators and tractors. Planned production is ten machines a month by the end of 2008. The machines will be distributed in the Caucasus, Middle East and Central Asia