According to the IFRS financial statements, the NCSP Group’s net profit for the first quarter 2009 equaled USD 33.7 million against USD 56.3 million in the first quarter 2008, the Group’s press release states. The NCSP Group revenues increased by USD 6.8 million and reached USD 157.1 million in the first quarter 2009. The Group’s consolidated revenues grew by 4.5 percent against the first quarter 2008 due to the complex of different factors.
Te adjusted EBITDA for the first quarter 2009 equaled USD 116.2 million against USD 75.0 million in the first quarter 2008.
Commenting on the financial results for the first quarter 2009, NCSP Chairman Alexander Ponomarenko said: “Despite macroeconomic difficulties and high level of uncertainty, the NCSP Group managed to retain positive dynamics of major financial and operational indicators in the first quarter 2009. Due to the management’s efforts to attract extra cargo flows to compensate for general cargo reduction, total cargo turnover of the Group increased by 13.6 percent in the first quarter 2009. At the same time, the financial indicators also showed growth thus enabling the Group to form a certain margin of safety for 2009.”
The NCSP Group continues its staged and scalable long-term investment program. In 2009, we are going to finish another stage of the Sheskharis oil terminal reconstruction, continue developing our project of a new container terminal in the Port of Novorossiysk, and start designing works on the fuel oil terminal.
NCSP Group includes the following stevedore companies: PJSC NCSP, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, PJSC NCSP Fleet, OJSC Novoroslesexport, OJSC IPP, and Baltic Stevedoring Company Ltd.