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 posts 9M 2009 Net profit of $208 million

Novorossiysk Commercial Sea Port posts 9M 2009 Net profit of $208 million
Russia’s largest sea port operator, Novorossiysk Commercial Sea Port (NCSP), has posted a 9M 2009 Net Profit of $208 million under IFRS.

The net result is up 95% year on year from the $106 millionNet Profit posted for 9M 2008, with 9M Adjusted EBITDA rising more than 32% to $353.9 million, on a 4% increase in 9M Revenues to $508.2 million.NCSP said the result reflected a near doubling of grain volumes being handled at the port, with significant increases in iron ore and fuel handling offsetting a year on year decline in the Russian Rouble against the U.S. dollar, which reduced dollar denominated operating costs.NCSP Chairman, Alexander Ponomarenko, noted that the port is still significantly underutilized and that an economic rebound would see it well placed to capitalize on increased import volumes.“We continue to demonstrate consistent growth in operating and financial indicators capitalizing on such competitive strengths of our business as highly diversified cargo base, deep water harbor, and well developed stevedoring and inland infrastructure. Still today our container capacity is substantially underutilized as a result of the overall reduction of Russian imports. Growing demand for imported goods in both the consumer and the industrial segments of the Russian economy will support the recovery of container shipping, which in turn will increase NCSP’s container capacity utilization rates driving further growth in operating and financial indicators of the Group in the short term.”

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.