NCSP Loses Profit due to Lower Crude Traffic

Novorossiysk Commercial Sea Port Group has published its IFRS results for the 9 months 2020.

The Group’s revenue was down 27.6% to $481.5 mn, EBITDA was down 34.6% to $327.7 mn.

The decline was mainly due to lower crude traffic due to the COVID-19 pandemic and the production cut by OPEC+ member countries.

Net profit dropped by 93% to make $58.9 mn.

Net debt increased by 48.2% up to $573.8 mn.