Novorossiysk Commercial Sea Port increases RAS net profit 2.9% to 4.1 bln rubles in H1
MOSCOW. Aug 10 (Interfax) - OJSC Novorossiysk Commercial Sea Port (NCSP) increased in net profit according to Russian accounting standards (RAS) by 2.9% to 4.144 billion rubles in January-June 2011, the company said on Wednesday.
The company's sales revenue went down by 8% to 4.7 billion rubles.
Gross profits decreased by 13.5% to 3.34 billion rubles and sales profits 14.6% to 3.06 billion rubles, while pretax profits increased almost 12% to 5.184 billion rubles.
The value of the net assets of OJSC NCSP, the group's parent company, ended June at 28.1 billion rubles, up from 23.06 billion on June 30 of last year.
Dividends represented 10.4% of profits, the report says, where they had reached almost 60% for H1 2010. The company's capital turnover ratio dropped to 0.05% from 0.16%.
The company's short-term financial obligations had reached 2.95 billion rubles by June 30, almost quadrupling year-on-year. Long-term assets came to 64.99 billion rubles versus 10.23 billion rubles a year previously.
As reported, the NCSP group's first-half cargo turnover contracted 1.4% year-on-year to 76.8 million tonnes, because of an absence of export grain due to Russia's grain-export embargo that was lifted in July. Since the ban was lifted, the company's grain-handling capacity has been operating at full load.
NCSP Group includes the stevedore companies OJSC NCSP, OJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, OJSC NCSP Fleet, OJSC Novoroslesexport, OJSC IPP, Baltic Stevedore Company Ltd. (Kalningrad region), Primorsk Sea Port (Leningrad region), and the Chinese outfit Henford Logistics Ltd (which is the agent for purchasing tugboats for the group).
The group's main shareholder is Novoport (belonging to investment group Summa Capital and Russian oil pipeline company OJSC Transneft on parity beginnings) - it owns 50.1% of the company's stock. Another 20% of NCSP shares is held by federal state property fund Rosimuschestvo, OJSC Russian Railways (RZD) manages 5%, and about 29.9% is in free circulation.
NCSP earned $635.3 million in sales revenues to International Financial Reporting Standards (IFRS) last year, along with $415.9 million in EBITDA (earnings before interest, taxes, depreciation, and amortization). The group's cargo turnover decreased 6% last year to 81.6 million tonnes.