Commercial Port of Vladivostok sees RAS net profit fall 15.3% in H1
VLADIVOSTOK. Aug 12 (Interfax) - PJSC Commercial Port of Vladivostok (VMTP, which belongs to Summa's Fesco Transport Group) cut net profit to Russian Accounting Standards (RAS) in January-June 2016 by 15.3% year-on-year to 1.16 billion rubles, the stevedore said in a report.
Revenue in H1 rose 8% to 3.249 billion rubles.
Commercial Port of Vladivostok still has not disclosed date on cargo handling for H1 of this year.
"For the 6M 2016 the flow of container cargo to PJSC VMTP fell by another 15% in comparison with the same period in 2015. In connection with the stable tendency for the reduction of cargo turnover in all sectors, the port is continuing to optimize its own spending and business processes. All capex was allocated exclusively towards the recovery of equipment and the resolution of production tasks. As a result of the systemic optimization, capex was reduced to a level necessary for supporting current activity," the company's press service said.
VMTP's financial highlights ('000 rubles):
| H1 2016 | H1 2015 | |
| Revenue | 3 248 614 | 3 006 770 |
| Cost of sales | 1 621 969 | 1 299 115 |
| Gross profit | 1 626 645 | 1 707 655 |
| Operating profit | 1 334 355 | 1 333 128 |
| Pretax profit | 1 470 748 | 1 682 509 |
| Net profit | 1 160 120 | 1 369 021 |
Accounts payable fell from 1.033 billion rubles as at the start of 2016 to 973.901 million rubles as at June 30.
OJSC Vladivostok Commercial Seaport is the largest stevedore company in Vladivostok Port.
According to a list of affiliated entities as at June 30, 2016, 68.379% of VMTP shares belong to LLC M-Port (Moscow), which in its turn is controlled by Far Eastern Shipping Company (Fesco) , the flagship of the Fesco Group. Another 28.458% is owned by LLC National Container Company.
The Fesco Group is one of Russia's largest owners and operators of port infrastructure with an integrated railway and logistics business, primarily focused on intermodal shipment of container cargo.