Novorossiysk Port 2011 Net Profit Falls 50% to $130.3 Mln

Russia’s largest port operator Novorossiysk Commercial Sea Port (NCSP) saw 2011 net profit decrease 49.6 percent year-on-year to $130.3 million to IFRS, the company said in a statement on Monday.

The NCSP, Europe’s third biggest port operator, said its revenue grew 65 percent last year to $1.05 billion. Earnings Before Interest, Taxation, Depreciation, Amortization (EBITDA) rose 32.3 percent to $550.3 million, while EBITDA margin amounted to 52 percent.

The port’s cargo turnover went up 2.3 percent last year to 157 million tons. NCSP’s gross profit increased 41 percent to $554.1 million.

The company cut its net debt by $209 million in 2011 to $2.379 billion. Net debt/EBITDA ratio decreased to 4.3x as of December 31, 2011, from 6.3x as of the end of the first quarter last year.

“We are conducting a complex of measures aimed at reducing operational and administrative expenses. The 2011 costs growth adjusted for one-off charges was in line with inflation,” NCSP Deputy CEO for Finance and Economy Andrei Bubnov was quoted in the statement as saying.


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