Global Ports doubled its first half profit to $82.4 million, as Russia’s largest container terminal operator boosted domestic box traffic more than 70 percent in its first year as a public company, the Journal of Commerce reports.
The company grew first half revenue 57 percent year-over-year to $259.7 million, driven by sharply higher throughput at its three Russian terminal.
Container traffic at terminals on the Baltic and Pacific coasts soared 71 percent to 669,000 20-foot equivalent units from 390,000 TEUs a year ago, maintaining the company’s 30 percent Russian market share.
The Finnish unit reported a 7 percent decline in traffic to 78,000 TEUs from 84,000 TEUS a year ago. Oil products traffic was unchanged at 8.8 million metric tons for a 25 percent share of the Russian market.
Global Ports, which raised $588 million in an initial public offering in London in June, said it was ready for an economic downturn if or when it happens.
“While there is uncertainty about the outlook for the global economy, Global Ports has a track record of having successfully navigated the recent financial crisis,” the company said.
“Global Ports is on solid footing to capitalize on growth opportunities ... particularly in the under-penetrated and fast-growing Russian container market.”
The Russian container market is set to grow by 18.8 percent annually through 2013, according to London-based Drewry Shipping Consultants.
The company grew first half revenue 57 percent year-over-year to $259.7 million, driven by sharply higher throughput at its three Russian terminal.
Container traffic at terminals on the Baltic and Pacific coasts soared 71 percent to 669,000 20-foot equivalent units from 390,000 TEUs a year ago, maintaining the company’s 30 percent Russian market share.
The Finnish unit reported a 7 percent decline in traffic to 78,000 TEUs from 84,000 TEUS a year ago. Oil products traffic was unchanged at 8.8 million metric tons for a 25 percent share of the Russian market.
Global Ports, which raised $588 million in an initial public offering in London in June, said it was ready for an economic downturn if or when it happens.
“While there is uncertainty about the outlook for the global economy, Global Ports has a track record of having successfully navigated the recent financial crisis,” the company said.
“Global Ports is on solid footing to capitalize on growth opportunities ... particularly in the under-penetrated and fast-growing Russian container market.”
The Russian container market is set to grow by 18.8 percent annually through 2013, according to London-based Drewry Shipping Consultants.