CORRECTED: Global Ports makes $82.4 mln in H1 net profits
(figure in 6th paragraph adjusted)
MOSCOW. Sept 12 (Interfax) - Net profits at Global Ports Investments almost doubled year-on-year to $82.4 million in H1 2011 from $41.4 million in H1 2010, the company reported on Monday.
Sales revenues were up 57% at $259.7 million. Revenues generated by Russian terminals were up 87% at $172 million, and at oil-product terminals - 21% at $77.3 million. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 82% year-on-year to $145 million, and the EBITDA margin grew to 56% from 48% a year earlier.
Capital investments increased by $37.4 million to $49.1 million. Net debt decreased 52% to $66.5 million from $139.9 million at the start of the year.
Global Ports' expenditures increased 28% to $145 million. Operating profits were up 113% at $116 million. Basic and diluted earnings per share for profit attributable to the owners of the company during the period increased to $0.17 from $0.09 in H1 2010, the company reported.
Net operating cash flow increased 51.2% to $114.7 million.
Container turnover at ports in Russia increased 42% to around 669,000 TEU (twenty-foot equivalent units). Global Ports accounted for 30% of overall container turnover in Russia (25% in H1 2010).
Container turnover at oil-product terminals came to 8.8 million tonnes.
The Global Ports board of directors has decided interim dividends for the half should be paid out - $0.18 per GDR or $28.2 million total.
Global Ports was created by the N-Trans group with the consolidation of terminal assets on the Baltic Sea and in the Far East towards the further development of port business. The company includes the maritime container terminals Petrolesport and Moby Dick in St. Petersburg and Eastern Stevedore Company in Nakhodka, two terminals in Finland at the ports of Kotka and Helsinki, and the large independent Baltic-Sea terminal operator Vopak E.O.S. (a joint venture with the Netherlands' Koninkijke Vopak, which has three oil-product terminals at the Estonian port of Muuga). The company is also developing the Yanino logistics park in Leningrad region.
Global Ports Investments is controlled by Cyprus-based TIHL, managed by the N-Trans group, which is a major operator on the Russian market for transportation services and infrastructure. The owners of TIHL are top N-Trans managers Konstantin Nikolayev, Nikita Mishin, and Andrei Filatov - each with 33%.