Novorossiysk Commercial Sea Port Group has announced its consolidated financial results according to IFRS for the nine months ended 30 September 2015.
NCSP Group’s consolidated revenue for 9M 2015 amounted to $655 mln versus $747 mln for 9M 2014.
Group’s EBITDA in the reporting period grew by $37.6 mln or 8.3% year-on-year and reached $488 mln, while EBITDA margin increased by 14.2 percent points and reached 75%.
Net income for 9M 2015 totaled $156.6 mln versus $10.1 mln same time last year.
Net income has reduced compared to that of 6M 2015, due to Russian ruble weakening against US dollar by 10.7 rubles in Q3 2015, which lead to a material foreign exchange loss on the Group’s dollar nominated debt, versus foreign exchange gain accounted for in 6M 2015.
The Group’s cargo turnover climbed by 2.9%, year-on-year, to 103.969 mln t.
NCSP Group is the largest port operator in Russia and the third-largest in Europe, in terms of cargo turnover. NCSP Group cargo turnover in 2014 totalled 131 million tonnes. Consolidated revenue to IFRS in 2014 totalled USD 956 million and EBITDA was USD 569 million. NCSP Group consolidates the following companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, OJSC NCSP Fleet, OJSC NLE, OJSC IPP, CJSC Baltic Stevedore Company, and CJSC SFP.