The Russian port operator and stevedoring company posted net profits of $156.5 million on consolidated revenues of $654.7 million for the first nine months of 2015.
The Novorossiysk Commercial Sea Port (NCSP) Group, a Russian port operator and stevedoring company, posted net profits of $156.5 million for the first nine months of 2015, a substantial increase from $10.1 million for the corresponding period in 2014.
For the first six months of 2015, however, the group’s net profits totaled $250.3 million.
The NCSP Group attributed the decline in net income from the first six months of the year to the depreciation of the Russian ruble against the U.S. dollar by 10.7 rubles in the third quarter of 2015.
“This depreciation led to charging a foreign exchange loss in the amount of $262 million on the group’s dollar nominated debt, versus foreign exchange gain accounted for in 6M 2015,” the NCSP Group said.
Consolidated revenues for the first nine months of 2015 totaled $654.7 million, compared to the $746.9 million for the same period last year. The group primarily attributed the 12.3 percent year-over-year decline in consolidated revenues to a decrease in volumes of crude oil, grain and containers; FX losses from ruble nominated revenue; and a drop in bunkering volumes.
The NCSP Group, which includes specialized stevedoring companies that operate at ports in the Azov-Black Sea and Baltic basins, operates the Port of Novorossiysk on the Black Sea, the Port of Primorsk on the Baltic Sea and the Port of Baltiysk in Kaliningrad, Russia.
NCSP Group net profits skyrocket in 2015
