Net profit of Rosmorport FSUE down 61.3% in 9M06 (updated)

Net profit of all branches of Rosmorport FSUE fell 61.3% in January-September amounting to RUR 380 million. According to the reporter of PortNews IAA, this information has been provided by Yury Parfeonov, Director General of Rosmorport FSUE, at the meeting with the heads of Rosmorport branches. In 2005 Russian seaports handled over 335 million tons of cargo (+4% against 2004). Rosmorport forecasts that in 2006 the ports will get the result of 416-420 million tons. According to Parfeonov, about 75% of funds allocated from the budget within the framework of federal program on seaports development were spent in 2006 (RUR 4 of 5.6 billion). Parfeonov says the flow of private investments is limited because there is no law about seaports and there are no rules to regulate leasing of port structures.