IFRS net profit of Novorossiysk Commercial Sea Port up 2.25% to $95.8 mln in 2008

In 2008, net profit of Novorossiysk Commercial Sea Port OJSC under International Financial Reporting Standards (IFRS) increased 2.25%, year-on-year, to $95.782 mln, the company states. In 2007, NCSP net profitamounted to $93.674 mln.

In 2008, the company’s gross profit climbed 34.75% to $311.538 mln. Corrected EBITDA totaled $376 mln against $213 mln in 2007 (+76.44%, year-on-year).

Novorossiysk Commercial Sea Port (NMTP Group) is Russia’s largest port operator. The Group comprises the following stevedoring companies: Novorossiysk Commercial Sea Port OJSC, Novorossiysk Grain Terminal OJSC, Novorossiysk Ship Repair Yard OJSC, NCSP Fleet OJSC, Novolesexport OJSC, IPP OJSC and Baltic Stevedore Company LLC. In 2008, the Group’s throughput totaled 81.6 million tonnes.