Net profit of Novorossijsk Commercial Seaport down 30.8% in 2006

Net profit of Novorossijsk Commercial Seaport under Russian Accounting Standard decreased by 30.8%, year-on-year, to RUR 1.319 billion, Interfax reports according to RZD-Partner. The company attributes the decrease to payment of interest to Sberbank as well as to foreign exchange loss. The company’s revenue of 2006 was similar that of 2005 – about RUR 5.4 billion. In 2007, the company plans to increase cargo turnover by 4.1% - to 78 million tons. In May, new grain terminal is to be put into operation. The terminal’s project capacity is 4 million tons of grain annually. It will be able to accept 55,000-dwt Panamax vessels.