Net profit of Ust-Luga Company up 26.7 times to RUR 170.1 mln in H1 08
In the first half of 2008, net profit of Ust-Luga Company OJSC increased 26.7 times, year-on-year, to RUR 170.1 million, the company informs. According to the report, the company’s total profit grew 3.87 times to RUR 161.064 million. Revenue of company amounted to RUR 223.596 mln (+2.84 times year-on-year).
Ust-Luga Company JSC is the customer-developer of commercial seaport Ust-Luga on the grounds of the contract with the Ministry of Transport of the RF of 15 June 2000. Ust-Luga Port is Russia’s largest infrastructure project aimed to solve the issue of deficit of Russian transshipment facilities at the Baltic Sea and to decrease transport costs for Russian manufacturers.
By 2015 the port is to handle 170 million tonnes of cargo including 50 million tonnes ensured by Baltic Pipeline System-2 (BPS-2), the end point of which is Ust-Luga as approved by RF Prime Minister Vladimir Putin on May 14, 2008.
The Master Plan for the port development envisages construction of 16 terminals for transshipment of different types of cargo including ro-ro, general, container, loose, liquid bulk cargo etc. The following terminals have been put into operation already: coal terminal, automobile-railway ferry complex, Multipurpose transshipment complex, first phase of Multipurpose transloading complex «Yug-2».
In 2007, the company continued the construction of port facilities, development of port infrastructure and railway approaches. Ust-Luga Company signed and started design work with NOVATEK OJSC on transshipment of gas condensate. The Company also signed a contract with Shipyard Pella for construction of two more tug boats and successfully completed placement of ruble bonds of Ust-Luga Company OJSC at the Stock Exchange of the MICEX. The Company also signed an investment contract with United Metallurgical Company CJSC to build a complex for transshipment of general cargo, a memorandum with Asia Invest LTD (Kazakhstan) on implementation of the project for construction of a complex for general cargo transshipment, as well as a memorandum with on implementation of the project for construction of two terminals to handle aluminium and alumina.
Total investments into Ust-Luga port exceeded $1 billion including $300 invested by Ust-Luga Company. In 2008, Ust-Luga Company is to invest some $500 million. Total investments are to make $1 billion in 2008.
The development of commercial seaport Ust-Luga is carried out within the framework of Federal Special-Purpose Program Modernization of Russia’s Transport System on public-private partnership principles.
Ust-Luga Company JSC is the customer-developer of commercial seaport Ust-Luga on the grounds of the contract with the Ministry of Transport of the RF of 15 June 2000. Ust-Luga Port is Russia’s largest infrastructure project aimed to solve the issue of deficit of Russian transshipment facilities at the Baltic Sea and to decrease transport costs for Russian manufacturers.
By 2015 the port is to handle 170 million tonnes of cargo including 50 million tonnes ensured by Baltic Pipeline System-2 (BPS-2), the end point of which is Ust-Luga as approved by RF Prime Minister Vladimir Putin on May 14, 2008.
The Master Plan for the port development envisages construction of 16 terminals for transshipment of different types of cargo including ro-ro, general, container, loose, liquid bulk cargo etc. The following terminals have been put into operation already: coal terminal, automobile-railway ferry complex, Multipurpose transshipment complex, first phase of Multipurpose transloading complex «Yug-2».
In 2007, the company continued the construction of port facilities, development of port infrastructure and railway approaches. Ust-Luga Company signed and started design work with NOVATEK OJSC on transshipment of gas condensate. The Company also signed a contract with Shipyard Pella for construction of two more tug boats and successfully completed placement of ruble bonds of Ust-Luga Company OJSC at the Stock Exchange of the MICEX. The Company also signed an investment contract with United Metallurgical Company CJSC to build a complex for transshipment of general cargo, a memorandum with Asia Invest LTD (Kazakhstan) on implementation of the project for construction of a complex for general cargo transshipment, as well as a memorandum with on implementation of the project for construction of two terminals to handle aluminium and alumina.
Total investments into Ust-Luga port exceeded $1 billion including $300 invested by Ust-Luga Company. In 2008, Ust-Luga Company is to invest some $500 million. Total investments are to make $1 billion in 2008.
The development of commercial seaport Ust-Luga is carried out within the framework of Federal Special-Purpose Program Modernization of Russia’s Transport System on public-private partnership principles.