Novorossiysk Commercial Sea Port boosts net profit 95.7% in 9 mths
MOSCOW. Nov 30 (Interfax) - Novorossiysk Commercial Sea Port boosted net profit 95.7% in January-September 2009 to $208 million, the company said in a statement.
Revenue rose 4.2% to $508 million.
The biggest change in revenue was due to shifts in the structure of cargo turnover, which provided a $53.3-million boost to revenue, mainly from a near doubling of grain handling (primarily utilizing capacity of Novorossiysk Grain Terminal), addition of over two million tonnes of iron ore handling and a 1-million tonne increase in diesel fuel shipments at the IPP terminal.
The EBITDA figures have been adjusted for exchange rate gains and losses on assets and liabilities in order to make the annual figures more comparable.
Key indicators for NCSP in January-September 2009 ($ '000):
| Indicator | Jan-Sept 2009 | Jan-Sept 2008 | Change, % |
| Revenue | 508 238 | 487 560 | 4.2% |
| Gross profit | 338 615 | 222 067 | 52.5% |
| Operating profit | 299 684 | 172 481 | 73.7% |
| Adjusted EBITDA (management financials) | 353 959 | 266 336 | 32.9% |
| Financial expenses | 24 204 | 29 039 | -16.7% |
| Net profit | 208 084 | 106 335 | 95.7% |
| Investment (management financials) | 55 434 | 89 838 | -38.3% |
| Net debt (management financials) | 196 146 | 443 069 | -55.7% |
| Cargo turnover (mln tonnes) | 65,22 | 60,34 | 8.1% |