Russian port Novorossiisk's H1 profit jumps
MOSCOW, Sept 30 (Reuters) - Russia's largest port by cargo turnover, Novorossiisk (NCSPq.L), reported on Tuesday a three-fold increase in its net profit in the first half of 2008, citing the consolidation of the port's stevedore business.
The firm's net profit rose to $84.5 million from $28.5 million in the first six months of 2007. The return on equity (ROE) increased to 23.3 percent from 9.2 percent.
The port's revenue jumped 59 percent in the same period to $315 million from $198 million, while earnings before interest, taxation, depreciation and amortisation (EBITDA) doubled to $183 million. "Amid a drop in liquidity on global financial markets the strong financial stability of the company's business model is underpinned by its favourable debt structure, in which short-term debt made up only 7.6 percent as of mid-2008," said Chief Executive Igor Vilinov.
"The company in the first half did not assume new borrowing and the investment programme was financed out of company funds," he added. (Reporting by Simon Shuster; Editing by Greg Mahlich)
