RUSSIAN port operator Global Ports has posted a first half 2011 net profit of US$82.4 billion, representing an increase of 99 per cent year on year.
First half operating profit increased 82 per cent year on year to $145 million from $79.7 million posted for the same period in 2010, with revenues up 57 per cent to $259.7 million. The company attributed the increase in sales to a 71 per cent increase in container throughput, along with improved pricing and changes in the mix of services provided, a company statement said.
Said Global Ports chairman Nikita Mishin: "I am delighted we are able to deliver such an impressive set of operational and financial results in our first reporting period as a public company. Our well-timed capacity expansion and our premium service offering, combined with strong customer demand, enabled us significantly to outperform the market and gain market share," he said.