NCSP posts 1Q 2010 net profit of $83.9 million

NCSP posts 1Q 2010 net profit of  $83.9 million
Novorossiysk Commercial Sea Port, NCSP, has posted a 1Q 2010 net profit of $83.9 million under IFRS.

The bottom line is up 140% year on year, with 1Q EBITDA rising 6.9% to $121.4 million, as 1Q revenues climbed 11% year on year to $175.5 million.

NCSP chairman, Alexander Ponomarenko, said the results reflected "a renewal in total container shipping because of increased ferrous metals and grain and lumber exports offset currency volatility and underpinned operating growth.” with the post, Russia's largest commercial sea port benefitting from the economic rebound.

The company noted a 17.3% increase in stevedoring services revenues to $20.5 million, with NCSP's total debt at the end of 1Q 2010 coming to $455.7 million.