NCSP Profit Down
- Jun. 07 2013 00:00
- Last edited 19:43
Novorossiisk Commercial Sea Port Group said on Thursday that its first-quarter net profit plunged to around $38 million from $253 million from the same period last year due to a foreign exchange loss.
"Profit for the period was significantly affected by the weakening of the Russian ruble to the U.S. dollar, which caused a foreign exchange loss related to the Group's foreign-currency denominated debt," the company said in a statement.
The port operator recorded a forex loss of $42 million in the first quarter compared to a gain of $197 million in the first quarter of last year.
Its revenues fell 13 percent year on year to $239 million due to a decrease in cargo turnover, which suffered as some crude oil volumes were allocated to new terminals, while grain exports came to a halt due to the poor crop last year.