Bloomberg News

Novorossiysk Port’s Sales Climb 65% Following Primorsk Deal

April 16, 2012

Novorossiysk Commercial Sea Port Group, Russia’s biggest port operator, said sales surged 65 percent to a record last year after its acquisition of the Primorsk terminal on the Baltic Sea.

Revenue rose to $1.05 billion from $635.3 million a year earlier, the company said today in a statement. Earnings before interest, tax, depreciation and amortization advanced 32 percent to $550.3 million.

Novorossiysk, which operates the harbor of the same name on the Black Sea, completed its acquisition of Primorsk Trade Port Ltd. in January 2011 for $2.15 billion, taking on debt to finance the purchase.

Net income fell to $127 million last year from $253 million, according to the company’s report prepared under International Financial Reporting Standards.

Net debt shrank by $209 million in nine months to $2.38 billion by the end of the year, Novorossiysk said.

To contact the reporters on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net; Ekaterina Shatalova in Moscow at eshatalova@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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