In January-September, 2008, net profit of Ust-Luga Company surged by 56.3 times to RUR 227.719 million, the company informs. In the reported period, the company’s revenue grew 2.6 times to RUR 343.507 million, gross profit –3.2 times to RUR 241.758 million.
Ust-Luga Company JSC was established in 1992 for implementation of a project on construction of Russia’s new commercial seaport in the Luga Bay of the Gulf of Finland. Ust-Luga Company JSC has several lines of activity related to creation of the largest in Russia multipurpose commercial seaport Ust-Luga and complex social-economic development of the territories adjacent to the port.
Ust-Luga port is situated practically at the border of the Russian Federation and the European Union. The deep water area of the port (16 m) together with the short ship channel (3.7 km) make Ust-Luga port the only Russian port on the Baltic Sea capable of admitting dry-cargo vessels with the deadweight of up to 75,000 tonnes and liquid cargo carriers with the deadweight of up to 120,000 tonnes. The second ship channel providing roundabout ship traffic will be built by 2010. By 2010 the cargo turnover of Ust-Luga port is expected to amount to 50 mln tonnes.