NCSP Group’s Q1 net income soars 71% to $143,7m
Net income of Novorossiysk Commercial Sea Port (to IFRS) for the first quarter of 2011 surged by 71% from Q1, 2010, to $ 143,652,000, the Company’s press service reported.
The Group’s revenue for the period increased by 32 8% to $ 233 million 56 thousand, gross profit decreased by 0.4% to $ 115 million 756 thousand. Adjusted EBITDA fell by 3.1% to $ 117 million 641 thousand. Operating income of the Group shrank by 8.2% to $ 95 million 921 thousand. Total investment in new projects and assets (VAT included) increased by 2.8 times to $ 35 million 542 thousand. Net debt rose from $ 56 million 295 thousand to $ 2 billion 587 million 511 thousand.
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. Consolidated revenues for the 9 months of 2010 according to IFRS amounted to $ 499.4million, net income - $ 233million.