CYPRIOT based Global Ports Investments posted a year-on-year first half net loss of US$12.1 million, drawn on revenues of $162.5 million, down 0.7 per cent.
Pre-tax profit fell 98 per cent to $3 million, with the company blaming the troubled Russian economy, reported London's Container Management, adding that gross profit also fell 24 per cent to $82.5 million.
But the Russian container market has grown 15.7 per cent this year, but Global Ports' throughput was up only 2.2 per cent to 587,000 TEU.
Despite this slight growth container revenue fell 7.1 per cent to $126.3 million as a result of a 9.2 per cent decline in revenue per box.
"With the current market backdrop showing signs of improvement, we are confident that Global Ports' well invested assets, operational skills and high-quality service will ensure that we are well positioned to capitalise on any ongoing market recovery," said Global Ports CEO Mikhail Loganov.