NCSP posts 9M 2008 Net Profit increase of 43%

Russia’s Novorossiysk Commercial Sea Port has posted a 9M 2008 Net Profit of $106.33 million under IFRS.

The 9M bottom line was up 43% year on year, with EBITDA coming in at $251.09 million, up 50%, on the back of Revenues of $487.56 million, up 46%, for the London listed operator of Russia’s largest seaport.

The company attributed the results to new terminal facilities reaching their design capacities for containers, petroleum products and grain, along with expanded services offered by the company.

Downturn highlights Russia’s need for diversification