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UPDATE 1-Global Ports profits hit by St Petersburg writedown
March 18, 2013 / 9:10 AM / 5 years ago

UPDATE 1-Global Ports profits hit by St Petersburg writedown

MOSCOW, March 18 (Reuters) - 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 and China.

Group revenue last year was nearly unchanged at $501.8 million.

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 N-Trans.

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