22 Apr 2010 12:12

Novorossiysk Commercial Sea Port boosts 2009 net profit 163% to $252.2 mln

MOSCOW. April 22 (Interfax) - Novorossiysk Commercial Sea Port boosted net profit 163% to $252.2 million in 2009 under International Financial Reporting Standards (IFRS), the company said in a statement.

Revenue rose 3.3% to $675.06 million and EBITDA was up 14.63% to $431 million. Net debt shrank 66% to $127.9 million.

"NCSP Group completed the first stage of its investment program on schedule in 2008. The projects implemented by Group companies allowed us to achieve a more balanced cargo traffic structure, setting the stage for continued business growth in challenging market conditions," board chairman Alexander Ponomarenko is quoted in the press release as saying.

NCSP Group includes Novorossiysk Grain Terminal, Novorossiysk Shipyard, NCSP Fleet, Novoroslesexport, IPP, and Baltic Stevedoring Company Ltd.