Net income of Novorossiysk Commercial Sea Port (NCSP Group) for the period of 2010 ended Dec. 31 in accordance with IFRS grew by 2.5% year-over-year and totaled $ 258,440,000, the Group’s press release said. Basic earnings per share were $ 13.1 vs. $ 13 a year earlier.
Revenue of NCSP fell by 5.9% to $ 635,315,000. Annual revenues from stevedoring services shrank by 7.4% to $ 494,804,000. The main factor that had a positive impact on the revenue growth was the increase of cargo throughput in several key segments: container volume soared by 100.8%, non-ferrous metals - by 28.8%, mineral fertilizer - by 23%, timber cargo - by 14.3%. Revenue growth from the cargoes totaled $ 23,548,000, including by $ 14,271,000 from container handling, $3,050,000 from non-ferrous metals, $ 2,936,000 from mineral fertilizers, and $ 3,289,000 from timber cargo.
On the other hand, revenue was negatively affected by a decline in handling of grain, iron ore, ferrous metals, and liquid cargo), which caused corresponding revenues to decrease by $ 63,291,000. Major portion of this – $39,995,000 – accounts for losses suffered from the Russia’s grain exports ban (imposed on Aug. 15, 2010).
In the reporting period revenue from additional port services fell by 4.1% to $ 81,213,000 and from fleet services – by 3.9% to $ 45,028,000. Revenue from ship repair services rose more than 2 times, thanks to increased third-party repair contracts, to $ 2,254,000. Revenue from other services increased by 42.4% to $ 12,016,000 due to proceeds from leasing of fixed assets commissioned by the Group.
NCSP’s cross income for the period decreased by 10.3% - to $ 393,246,000, operating income – by 5.8%, to $ 346,472,000. Adjusted EBITDA was down 3.5% to $ 415,975,000. Cost of sales rose by 2.2%, reaching $ 242,069,000.
Novorossiysk Commercial Sea Port Group is the largest Russian port operator. The NCSP Group incorporates the following stevedore companies: PJSC Novorossiysk Commercial Sea Port, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, PJSC Fleet of NCSP, OJSC NovorosLesExport, OJSC IPP, Baltic Stevedoring Company Ltd. and PJSC Primorsk Trade Port Ltd. (since 2011). Cargo throughput of NCSP Group in 2010 (excluding PTP) totaled 81,6 million tons.
Revenue of NCSP fell by 5.9% to $ 635,315,000. Annual revenues from stevedoring services shrank by 7.4% to $ 494,804,000. The main factor that had a positive impact on the revenue growth was the increase of cargo throughput in several key segments: container volume soared by 100.8%, non-ferrous metals - by 28.8%, mineral fertilizer - by 23%, timber cargo - by 14.3%. Revenue growth from the cargoes totaled $ 23,548,000, including by $ 14,271,000 from container handling, $3,050,000 from non-ferrous metals, $ 2,936,000 from mineral fertilizers, and $ 3,289,000 from timber cargo.
On the other hand, revenue was negatively affected by a decline in handling of grain, iron ore, ferrous metals, and liquid cargo), which caused corresponding revenues to decrease by $ 63,291,000. Major portion of this – $39,995,000 – accounts for losses suffered from the Russia’s grain exports ban (imposed on Aug. 15, 2010).
In the reporting period revenue from additional port services fell by 4.1% to $ 81,213,000 and from fleet services – by 3.9% to $ 45,028,000. Revenue from ship repair services rose more than 2 times, thanks to increased third-party repair contracts, to $ 2,254,000. Revenue from other services increased by 42.4% to $ 12,016,000 due to proceeds from leasing of fixed assets commissioned by the Group.
NCSP’s cross income for the period decreased by 10.3% - to $ 393,246,000, operating income – by 5.8%, to $ 346,472,000. Adjusted EBITDA was down 3.5% to $ 415,975,000. Cost of sales rose by 2.2%, reaching $ 242,069,000.
Novorossiysk Commercial Sea Port Group is the largest Russian port operator. The NCSP Group incorporates the following stevedore companies: PJSC Novorossiysk Commercial Sea Port, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, PJSC Fleet of NCSP, OJSC NovorosLesExport, OJSC IPP, Baltic Stevedoring Company Ltd. and PJSC Primorsk Trade Port Ltd. (since 2011). Cargo throughput of NCSP Group in 2010 (excluding PTP) totaled 81,6 million tons.