Net income of Novorossiysk Commercial Sea Port Group (NCSP) for the nine-moth period, ended September 30, according to IFRS totaled $232,986,000 versus $208,084,000 a year earlier, or a 12-percent gain, the Group’s press release said.
The Group’s revenue decreased by 1.7% to $ 499,372,000, gross income shrank by 5.2% to $ 321,112,000, operating income fell by 2.2% to $ 292,848,000. Adjusted EBITDA increased by 2.3% to $362,145,000.
The company's investment in new and current projects (including VAT) surged by 45.3% to $80,557,000, net debt of the NCSP Group reached $19,286,000 versus $196,146,000 a year earlier.
The Group’s cargo throughput of fell by 3.9% to 62,671,400 tons.
Novorossiysk Commercial Sea Port Group is the largest Russian port operator. The NCSP shares are listed on the Russ. RTS and MICEX (ticker NMTP), on the London Stock Exchange (in the form of GDR, ticker: NCSP). In 2009 the NCSP Group’s throughput amounted to 86.5 million tons. Consolidated revenues of the Group (IFRS) for 2009 totaled $675.1 million, net income - $252,2 million.
The NCSP Group incorporates the following stevedore companies: PJSC Novorossiysk Commercial Sea Port, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, PJSC NCSP Fleet, OJSC Novoroslesexport, OJSC IPP, and Baltic Stevedoring Company Ltd.