Global Ports’ half-year profits fall 26 percent

  • US$53.7 million fall in net profit, revenues down 2.6%

Global Ports, Russia’s largest container terminal operator, has reported a 26 percent drop in half-year profits following a difficult period for the company’s oil products terminal division.

On top of the London-listed firm’s US$53.7 million fall in net profits, revenues were also down 2.6 percent to $249.1 million during the first six months of the year, while adjusted EBITDA slipped nearly five percent to $137.7 million.

Container volumes at Global Ports’ portfolio of terminals rose slightly by 2.1 percent from 796,000 TEU to 812,000 TEU January through June.

“We believe the industry’s long term growth outlook remains attractive given the ongoing containerisation of Russian trade,” commented Global Ports’ chairman, Nikita Mishin.

Global Ports’ Russian port segments revenue increased 2.4 percent to $188.9 million during the six-month period.

“In the first half of 2013 the Russian container market has performed well,” added Mishin.

“The results for the period for the Russian Ports segment of Global Ports and indeed for NCC – the proposed acquisition of which we announced recently –show growth in revenues, Adjusted EBITDA as well as in the Adjusted EBITDA margin.”

Following the company’s half-year financial figures, Global Ports approved the payment of an interim dividend of $0.21 per Global Depository Receipt (GDR).


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