Moscow - Sovcomflot (“SCF Group”) today announces its financial and operating results for the first quarter ended 31 March 2016. Gross revenue (freight and hire receivable) for the three months (Q1) ended 31 March 2016 declined by 4.2 per cent to USD 341.5 million (Q1 2015: USD 356.6 million). Meanwhile, time charter equivalent revenue (TCE) increased slightly by 0.4 per cent to USD 290.8 million (Q1 2015: USD 289.5). The profit on vessels’ trading rose by 8.1 per cent to USD 214.4 million (Q1 2015: USD 198.4 million), reflecting a significant decrease in fleet running costs over Q1 2015. Earnings before interest, tax, depreciation and amortization (EBITDA) were USD 187.5 million (Q1 2015: USD 175.9 million), representing an increase of 6.6 per cent over the previous period. Net profit for Q1 2016 increased by 9.2 per cent to USD 103.1 million (Q1 2015: USD 94.4 million). As at 31 March 2016, SCF Group had total assets of USD 6,699.2 million, which was in line with the comparable position last year (Q1 2015: USD 6,701.5 million).