MOSCOW, March 18 London-listed Russian ports
operator Global Ports reported a 16 percent fall in
annual net profits to $123.5 million on Monday after writing
down the value of its container terminal at St Petersburg.
Global Ports, which raised $588 million in a London initial
public share offer in 2011, said it took an impairment charge of
$58 million last year on the Yanino Logistics Park inland
terminal, due to more moderate growth than expected.
However, the group, which operates three container terminals
in Russia and two in Finland, said that the Russian market
continues to grow much faster than the global container market
and is outperforming high growth markets such as India, Brazil
Group revenue last year was nearly unchanged at $501.8
Global Ports, part-owned by the ports arm of Danish shipping
group A.P. Moller-Maersk , said it is recommending
an additional dividend payment of 24 cents per GDR, giving a
total dividend for the year of 54 cents.
In September last year APM Terminals, the ports arm of A.P.
Moller-Maersk, bought a 37.5 percent stake in Global Ports from