Novorossiysk Posts Profit 86% Below Last Year’s

Novorossiysk Commercial Sea Port Group has published its IFRS results for H1 2020.

The Group’s revenue was down 21.4% to $866.4 mn, EBITDA was down 3.4% to $254.5 mn.

The decline was mainly due to lower crude traffic, partly offset by light products and solid bulk growth.

Net profit dropped by 86.3% to make $86.4 mn.

Last year, NCSP sold its Novorossiysk Grain Terminal to a VTB Bank subsidiary.

Net debt was reduced by 65.6% down to $133.2 mn.