Russia’s Novorossiysk Commercial Sea Port Group
(NCSP Group) has reported USD 10.1 million net profit for the first nine
months of 2014, ten times less compared to USD 101.8 million the
Group had earned for the same period last year.
NCSP says that the decrease of
net profit was caused by
non-monetary expense on foreign exchange rate loss in
the amount of USD 286.4 million, charged on Group’s financial obligations
nominated in foreign currency as a result of their revaluation at the ruble
exchange rate at the beginning and at the end of the reporting period. The
Group also said that USD 1,95 billion Sberbank loan represents major
source of foreign exchange gains or losses for the Group.
NCSP Group’s consolidated revenue
for 9 months 2014 increased by USD 55.5 million or 8.0%. year-on-year
reaching up to USD 746.9 million.
Cost of sales in the reporting
period reduced by USD 15 million or 4.8% year-on-year, while SG&A
decreased 11.6% year-on-year.
Group’s EBITDA for 9 month
2014 increased by USD 71.1 million or 18.7% year-on-year up to
USD 450.8 million. EBITDA margin improved by 5.5 percent points up to
60.4% versus that of the same period last year.
PJSC
NCSP’s CEO Sultan Batov said: ”NCSP Group’s
financial performance has been outpacing operating results since the beginning
of 2014 thanks to a diversified cargo mix and a strong marketing power to
attract new volumes. Growing volumes of oil products, grain, ferrous
metals, and containers translated into increase in revenue from these cargoes
by 17.5%; 121.4%; 9.7%, and 19.6% respectively. This offsets the drop on crude
oil revenue and other negative factors and brings up Group’s total revenue by
8.0% and EBITDA by 18.7% year-on-year. Revenue and EBITDA were also supported
by increase of loading tariffs for crude oil, oil products, containers, coal,
and metals.”
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