Net profit of Novorossiysk Commercial Sea Port up 43% to $106.3 mlln in Jan-Sep 08
PJSC Novorossiysk Commercial Sea Port (LSE: NCSP, RTS and MICEX: NMTP) announces consolidated financial results for the first 9 months of 2008 prepared in compliance with International Financial Reporting Standards (IFRS).
PJSC NCSP General Director Igor Vilinov said in commenting on the interim financial results: «New terminals for handling containers, petroleum products, and grain that reached design capacity this year remain the driving force for financials. The new handling capacity enabled the port to increase revenue by $50.63 million in the reporting period. »
Expansion of the scope of services offered by the port to include expediting, cargo storage, stuffing and un-stuffing of containers, and other services, was the second key factor contributing to increased revenue. Revenue for the first nine months grew by $40.77 million year-on-year as a result of this business segment.
Continuing increase in the share of high-margin cargo such as containers, petroleum products, and grain, in total cargo traffic along with an absolute increase in handling volumes resulted in additional revenue of $31.79 million.
NCSP continued to implement its investment program in the reporting period. Construction of the new light petroleum products terminal at OJSC IPP, offering 1 million tons per annum in capacity, was completed in Q3 2008. The terminal cost 867.3 million rubles to build, and was launched into operation in October 2008.
This facility is the fifth specialized terminal built in the framework of NCPS’s long-term investment program, under which some $324 million were spent up to date.
About PJSC NCSP
PJSC Novorossiysk Commercial Sea Port is the largest Russian port operator in terms of cargo turnover. NCSP consolidated cargo turnover for 2007 totaled 79.4 million tons, which is some 97% of cargo handled at the port of Novorossiysk (according to the Association of Sea Ports).
NCSP shares are traded on the London Stock Exchange (NCSP) and Russia’s RTS and MICEX exchanges (NMTP). Consolidated revenue to IFRS for the first half of 2008 totaled $314.7 million, EBITDA – $183.4 million, net profit – $84.5 million.NCSP Group includes the following stevedore companies: PJSC NCSP, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, PJSC NCSP Fleet, OJSC Novoroslesexport, OJSC IPP, and Baltic Stevedoring Company Ltd.