Novorossijsk Commercial Seaport RAS net profit down 7.7% in Q1 07, y-o-y

In January-March 2007, net profit of Novorossijsk Commercial Seaport under Russian Accounting System decreased by 7.7%, year-on-year, - to RUR 371.472 million, the company reports according to AK&M. The company’s revenue grew by 2% — to RUR 1.43 billion. Production price totaled RUR 731.5 million compared to RUR 737.9 million in January-March 2006. The company’s gross profit grew by 5.4% to RUR 698.4 million from RUR 662.8 million. Pre-tax profit decreased by 3.1% to RUR 521.8 million from RUR 538.5 million.

Novorossijsk Commercial Seaport OJSC is the largest stevedoring company operating at the port of Novorossijsk. The company’s throughput totaled 74.899 million tons in 2006. The state owns 20% of the company’s stock. Investsberbank holds 19.6%, Sberbank of Russia — 50% of the company’s stock. 20% of NCS are under beneficial ownership of Russian Railways OJSC.