NCSP Group sees a tenfold slump in half-year profit, to $13.9m

NCSP Group’s net income according to International Financial Reporting Standards (IFRS) for the first half of 2013 totaled US$13.9 million, which is a tenfold drop from $141.049m in H1 2012, the company’s financial statement said.

“The main factor behind the decline in profit for the period was a foreign exchange loss of US$ 129.2 million related to the Group’s foreign-currency denominated assets and liabilities as a result of the weakening of the RUB to the USD from RUB 30.4/US$ at 31 December 2012 to RUB 32.7/US$ as of 30 June 2013”, the company said in its press release.

Consolidated revenue of the Group in the reporting period was US$ 467.8 million, compared to US$ 541.1 million in 1H 2012.

EBITDA for the six months of 2013 was $ 251.6 million versus $ 318.6 million in H1 2012.

Novorossiysk Commercial Sea Port is the largest Russian port operator and ranks third operator in Europe in terms of cargo throughput. The NCSP Group incorporates the following stevedore companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port (since 2011), PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, OJSC NCSP Fleet, OJSC NLE, OJSC IPP, CJSC Baltic Stevedore Company, CJSC SFP and LLC NFT (joint venture). Novoport Holding Ltd, which is beneficially owned by Transneft and Ziyavudin Magomedov (Summa Group), holds a 50.1% stake in PJSC NCSP.  
In 2012 total cargo volumes of NCSP Group amounted to 159 million tonnes. Consolidated IFRS revenue for the period 2012 reached $ 1.034bn , EBITDA - $ 591,5m.

Adapted from portnews