NCSP posts uncovered loss of RUB 1.76bn for Jan-Sept

Uncovered loss of JSC Novorossiysk Commercial Sea Port (NCSP, member of NCSP Group of companies) according to Russian Accounting Standards (RAS) in January-September 2011 amounted to RUB 1.76 billion versus profit of RUB 6,288,333 a year earlier, the company’s statement said.

Revenue of NCSP for the period decreased by 3.9 percent year-over-year, to RUB 7,299,899.

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. The Group’s net income under IFRS for 2010 grew by 2.5% year-over-year to $ 258.44 million with revenue decline by 5.9% to $ 635.3 million.