Russian shipbuilder Severnaya Verf has plunged into the red in the first quarter as revenue fell.
The company posted a net deficit of RUB 128.8m ($2.28m), against a profit of RUB 1.09bn the year before.
Revenue decreased by 40% to RUB 3.11bn from RUB 5.18bn in 2016.
In April, it was reported that Severnaya was plotting an expansion that could see it diversify into gas carriers and tankers.
