Novorossiysk Commercial Sea Port has published its IFRS financial results for January-June 2019.
Revenue was down 5.3% year-on-year to $455.1 mn. EBITDA grew by 0.4% to $344.1 mn.
Operating expense declined by 20.4% down to $117.3 mn.
Net profit was up 4.-5-fold to $630.4 mn. $444.4 mn in this sum is earnings on the sale of a subsidiary.
This spring, NCSP sold their grain terminal in Novorossiysk to VTB Bank for 35.5 bn rubles.
The sum marked as ‘earnings on the sale of a subsidiary’ excluded, the Group’s net profit doubled.