Port Vanino posts 8-percent profit drop in Q1, 2012
Net profit of Vanino Commercial Sea Port (Port Vanino) for the first quarter of 2012 (to Russian Accounting Standards, RAS) totaled RUB 49 million, an 8-percent decline from the same period of last year, the stevedore company said.
Quarter revenue fell 2% to $ 375.4 million rubles.
JSC Vanino Commercial Sea Port (Port Vanino) is the major stevedore company of the Port of Vanino based in Khabarovsk Territory. The company is a successor of the Vanino port founded in 1943. The Russian Government holds a 55-percent stake in the company. The port is a gateway for trade flows between Russia and Japan, South Korea, China, Australia, USA and other countries of Asia Pacific Region. Vanino also handles imports shipped to the northern regions of Russia. Port Vanino. The Port Vanino owns the 2.5-km-long waterfront featuring multipurpose and specialized terminals, 16 berths, outdoor / indoor warehouses and handling equipment. The berths depth enables the port to accommodate 45,000dwt vessels. The company also operates a fleet of workboats, tugs, carrying out mooring operations, transporting passengers and supplying merchant ships with water. In 2011, cargo throughput at Port Vanino terminals shrank 1.7% to 5.9 million tons. In 2011, Port Vanino reported net income of RUB 339.4 million, a 3.9-times growth year-over-year.