icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Novorossiysk Commercial Sea Port Group posts 1Q 2009 Net Profit of $33.7 million

Novorossiysk Commercial Sea Port Group posts 1Q 2009 Net Profit of $33.7 million
Russia’s largest port operator, Novorossiysk Commercial Sea Port, has posted a 1Q 2009 Net Profit of $33.7 million under IFRS.

The bottom line is 40% down from 1Q 2008 Net Result of $56.3 million, with EBITDA declining 33% year on year to $64 million, despite Revenues rising 4.5% to $157.1 million compared with 1Q 2008.

Despite the sharp drop in net result the company noted grain shipments rose 350% year on year, as revenues from product increased by 25%, with Chairman Alexander Ponomarenko, hailing the 1Q 2009 in the face of a difficult economy.

“Despite macroeconomic difficulties and high level of uncertainty, the NCSP Group managed to retain positive dynamics of major financial and operational indicators in the first quarter 2009. Due to the management’s efforts to attract extra cargo flows to compensate for general cargo reduction, total cargo turnover of the Group increased by 13.6 percent in the first quarter 2009. At the same time, the financial indicators also showed growth thus enabling the Group to form a certain margin of safety for 2009.”

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts