NCSP Group sees 36.6% slump in H1 net income
Net income of Novorossiysk Commercial Sea Port Group (“NCSP Group” or the “Group”) (LSE: NCSP, MICEX-RTS: NMTP) for the first half of 2012 according International Financial Reporting Standards (IFRS) fell 36.6% year-on-year to US$141 million, the Group’s financial statement said.
Revenue for the period increased by 9.5% to $541.1 million (vs $494.1m in H1 2011).
EBITDA in the first half of the year jumped 31.1% to $318.6 million from $243.1 mln a year ago;
The decline in net income was attributable to the effect of changes in the RUB/US$ exchange rate on the Group’s assets and liabilities denominated in foreign currency, the Group’s report said.
About NCSP Group
NCSP Group is the largest Russian port operator in terms of cargo turnover. NCSP shares are traded on Russia's MICEX-RTS exchange (ticker: NMTP) and on the London Stock Exchange in the form of GDRs (ticker: NCSP). 50.1% shares of PJSC “NCSP” belong to Novoport Holding Ltd, the beneficial owners of which are OJSC “Transneft” and Summa Group. NCSP Group cargo turnover in 2011 totalled 157 million tonnes. Consolidated revenue according to IFRS in 2011 totalled $1,050 million and EBITDA was $550 million. NCSP Group combines the following stevedoring and other companies: OJSC “Novorossiysk Commercial Sea Port”, CJSC “Primorsk Oil Terminal” (since 2011), PJSC “Novorossiysk Grain Terminal”, OJSC “Novorossiysk Ship Repair Yard”, OJSC “NCSP Fleet”, OJSC “NLE”, OJSC “IPP”, CJSC Baltic Stevedore Company, CJSC “SFP” and LLC NFT (joint venture).