LONDON-LISTED Russian terminal operator Global Ports posted a 0.4 per cent first half pre-tax profit increase to US$189.9 million, drawn on revenues of $286.5 million, which declined 4.7 per cent.
The company, which completed the takeover of Russia's number two terminal operator National Container Co (NCC) last year, also posted a 1.3 per cent year-on-year first half volume decline to 1.4 million TEU at all its Russian and Finnish terminals.
"The emphasis since the start of the year has been on extracting greater efficiency from our newly enlarged operation by streamlining processes and cutting costs," said Global Ports chairman Nikita Mishin.
"While the full impact of these efforts is not yet reflected in the financial results, these measures combined with the Russian rouble devaluation meant we were able to deliver a record adjusted EBITDA margin in the first half," he said.
"While the growth in the Russian container market has slowed, it remains substantially under-containerised and we remain positive on the long-term prospects of the Russian market as a whole," said Mr Mishin.
Without taking into account the box throughput at its Finnish ports, volumes at its Russian terminals declined by 2.8 per cent to 1.2 million TEU, Lloyd's List reported.
Port performance in Russia was varied, with Pacific coast's Vostochny posting an 8.7 per cent gain to 243,000 TEU year on year as it continued to benefit from improved rail services and buoyant intra-Asia markets.
Other factors in the Russian Far East included growth in exports from the central and Siberian regions, improved container processing times and increased port calls as many carriers look to benefit from low bunker prices.
Volumes were also up 146 per cent year on year to 51,000 TEU at Ust-Luga Container Terminal, which opened in 2012.
But throughput at its St Petersburg's terminals, Petrolesport, Moby Dik and First Container Terminal, slipped eight per cent year on year to 939,000 TEU.
The decline comes as the West and Russia continue to introduce sanctions against each other over military intervention in the Ukraine.
PORTS
22 September 2014 - 18:58
Global Ports sees volumes dip at St Petersburg as Western sanctions bite
LONDON-LISTED Russian terminal operator Global Ports posted a 0.4 per cent first half pre-tax profit increase to US$189.9 million, drawn on revenues of $286.5 million, which declined 4.7 per cent.
PORTS
22 September 2014 - 18:58
Global Ports sees volumes dip at St Petersburg as Western sanctions bite
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