NCSP swings to 1.7 bln-ruble RAS net loss in 9M
MOSCOW. Nov 5 (Interfax) - OJSC Novorossiysk Commercial Sea Port (NCSP) , the parent company of the group of the same name, incurred 1.7 billion rubles in net losses to Russian Accounting Standards (RAS) in January-September versus 4.2 billion rubles in net profits for the same profits last year, the company reported.
Sales revenues were down 5.8% at 7.659 billion rubles. Gross profits dropped 12% to 5.1 billion rubles. Commercial expenses fell 5% to 699 million rubles. 'Other expenses' were up 25-fold at 4.144 billion rubles. That immense increase was due to exchange rate differences during a revaluation of forex obligations, the NCSP press service told Interfax.
The company's long-term obligations stood at 71.8 billion rubles at end-September, 6% down from the start of the year. Short-term obligations contracted 2% over the period to 4.6 billion rubles.
The NCSP group consists of the following companies: OJSC Novorossiysk Commercial Sea Port, LLC Primorye Commercial Port, OJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard , OJSC NCSP Fleet, OJSC Novoroslesexport , OJSC IPP, LLC Baltic Stevedore Company and CJSC SFP. Novoport Holding, which is jointly owned by Russian oil pipeline company OJSC Transneft and Summa Group, owns 50.1% of NCSP. The Federal State Property Agency owns 20% and 5.3% is managed by OJSC Russian Railways . Transneft subsidiaries have 10.5% and minority holders and free float account for the rest.
