Novorossiysk Commercial Seaport's Q1 earnings shrink 23% to 7.45 bln rubles
MOSCOW. May 5 (Interfax) - Novorossiysk Commercial Seaport (NCSP) saw its net profit to Russian Accounting Standards (RAS) shrink 23% year-on-year in Q1 2017 to 7.446 billion rubles, the stevedore said in a report.
Sales revenue plummeted 19.6% to 6.181 billion rubles. Pretax profit rose 23% to 9.318 billion rubles.
Novorossiysk Commercial Seaport Q1 2017 RAS Financials ('000 rubles):
| Q1 2017 | Q1 2016 | |
| Revenue | 6 181 587 | 7 688 514 |
| Cost of sales | -1 507 063 | -1 306 646 |
| Gross profit | 4 674 524 | 6 381 868 |
| Commercial expenses | 0 | 0 |
| Administrative expenses | -275 685 | -247 628 |
| Sales profit | 4 398 839 | 6 134 240 |
| Revenue from other organizations | 0 | 0 |
| Interest receivable | 155 795 | 96 948 |
| Interest payable | -1 020 001 | -1 589 510 |
| Other revenue | 5 871 287 | 8 388 840 |
| Other expenses | -86 932 | -949 701 |
| Pretax profit | 9 318 988 | 12 080 817 |
| Current profit tax | -947 480 | 0 |
| - including ongoing tax liabilities | 8 026 | 5 234 |
| Changes in deferred tax liabilities | 27 214 | -12 952 |
| Changes in deferred tax assets | -951 558 | -2 408 445 |
| Other | -1 626 | -4 210 |
| Net profit | 7 445 538 | 9 655 210 |
NCSP is one of the largest stevedores in Russia. Assets are located in Novorossiysk (Krasnodar territory), Primorsk (Leningrad region), and Baltiysk (Kaliningrad region). Novoport Holding, which OJSC Transneft and Ziyavudin Magomedov's Summa own on an equal footing, owns 50.1% of the company's stock. Transneft also owns 10.5% of the company's shares (it controls the stake through a subsidiary) and Summa holds 2.75%. Another 20% belongs to Russia's Federal Property Agency, and 5.3% is managed by OJSC Russian Railways (RZD).
