Novorossiysk Commercial Sea Port Group has published its IFRS results for Q1 2021.
The Group’s revenue was down 13% to $173.6 mn, EBITDA was down 17.6% to $120.6 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 made $65.7 mn compared to a net loss of $43.9 mn in Q1 2020. According to NCSP, the net profit was mainly affected by the revaluation of debt liabilities denominated in foreign currencies.