Port of Riga to increase profit to $55.78 million by 2008

By 2008, the port of Riga plans to increase profit by $6, year-on-year, to $55.78 million news agency BNS reports according to RZD-Partner. The port plans the costs at the level of $55.46 million (+$6, year-on-year). According to the PR department, the port’s profit is usually invested into the port’s development. This year it is planned to invest $63 million into infrastructure modernization, mainly for the development of the railway infrastructure, reconstruction of breakwater structures, purchase of new tug boats and reinforcement of the water area security system. According to Vladimir Makarov, head of the port’s Strategic Department says the increase will be driven by the growth of cargo and passenger turnover.