NCSP net profit climbs 3 percent to RUB 4.14 billion

Net profit of Novorossiysk Commercial Sea Port (part of NCSP Group) for the first half of 2011 increased, according to Russian Accounting Standards (RAS), by 3% compared to H1, 2010, to RUB 4 145 000 000, the company said.

Revenue for the period declined by 8% to 4 billion 700.6 million rubles. Operating profit margin was 65.7% versus 70.1% a year earlier.

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). In 2010, cargo throughput of NCSP Group totaled 81.6 million tons. Net profit under IFRS for 2010 grew by 2.5% to $ 258.44 million, consolidated revenue fell by 5.9% to $ 635.3 million.