Vanino Commercial Sea Port net profit to RAS falls 7.5% in Q1
MOSCOW. May 15 (Interfax) - Vanino Commercial Sea Port (Vanino Port ) posted net profit to Russian Accounting Standards of 49 million rubles in the first quarter of 2012, down 7.5% on the same period of 2011, the stevedoring company reported.
Revenue was down 2% to 375 million rubles.
Receivables stood at 117 million rubles at the end of the reported period, down 56.5% from the start of the year. Payables stood at 89 million rubles, down 24%.
The company will adhere to a moderately optimistic scenario for 2012, the report says. It plans to ship 6.1 million tonnes of cargo.
Vanino Commercial Sea Port saw a 1.8% year-on-year drop in shipments in the first quarter of 2012 to 1.36 million tonnes.
Vanino Commercial Sea Port is the biggest stevedoring company in Vanino Port. The government owns 55% of capital in the company (73.33% of common shares), En+ owns 28.1% through Soleggiato Investments (21.6% of votes). The company is included in a privatization program, although there no specific date for that has been set yet.
The board on May 14 2012 voted to hold a tender for a management company. A spokesman for En+ told Interfax the management company will manage the company until the government stake is privatized. The tender will be announced in the next few days, he said.