NCSP net profit to RAS rises 70% in H1 to 22 bln rubles
KRASNODAR. Aug 9 (Interfax) - The net profit of PJSC Novorossiysk Commercial Sea Port (NCSP) to Russian Accounting Standards (RAS) in H1 rose 70% year-on-year to 22.212 billion rubles, the company said in a report.
Revenue rose 26% to 14.392 billion rubles, pretax profit rose 88% to 25.963 billion rubles.
NCSP's financial highlights to RAS for H1 2016 ('000 rubles):
| H1 2016 | H1 2015 | |
| Revenue | 14 392 015 | 11 401 316 |
| Cost of sales | 2 625 293 | 2 383 222 |
| Gross profit | 11 766 722 | 9 018 094 |
| Operating profit | 11 199 308 | 8 575 115 |
| Pretax profit | 25 963 228 | 13 781 076 |
| Net profit | 22 212 133 | 13 010 659 |
NCSP's long-term obligations rose from 84.537 billion rubles as at December 31, 2015 to 84.774 billion rubles as at the end of June, short-term obligations fell from 31.292 billion rubles to 21.894 billion rubles.
NCSP is the largest port operator 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%. So, Transneft controls a total of 35% of NCSP and Summa controls 27.75%. Another 20% belongs to Russia's Federal Property Agency, and 5.3% is managed by OJSC Russian Railways (RZD).
