NCSP posts 9M net income of RUB 4.2bn

OJSC Novorossiysk Commercial Sea Port (NCSP) reported net income for the nine-month period ended September 30, 2012 according to Russian Accounting Standards (RAS) of RUB 4.16 billion versus a loss of RUB 1.76bn a year earlier. Revenues for the nine months rose 11.4% to RUB 8.13bn, the Company press release said.

OJSC Novorossiisk Commercial Port is a major stevedoring company in the port of Novorossiysk. The Company is part of a group of companies operating under the same brand name. The NCSP Group, the largest port operator, incorporates the following stevedore companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port (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). Novoport Holding Ltd, which is beneficially owned by Transneft and Ziyavudin Magomedov (Summa Group), holds a 50.1% stake in PJSC NCSP.  In 2011, the Group’s consolidated revenue according to IFRS totaled more than $1 billion and EBITDA of $550m. Last year, the companies of NCSP Group handled 157 million tons of different cargoes.