Russian ports operator Global Ports 2013 sales drop

Russia’s Global Ports’ sales dropped last year as acquisition of rival NCC failed to offset a decrease in oil exports revenues, the London-listed ports operator said on Monday.
Global Ports, which bought NCC in December in a cash-and-shares deal worth $1.56 billion, said its oil products terminal segment saw a 13 percent fall in revenue.

Revenue for the new group fell 2 percent on a pro-forma basis to $737 million.

Global Ports’ standalone net profit rose 6 percent to $114 million, while NCC earnings halved to $38 million due to higher operating and finance costs and a $7 million foreign exchange loss as the Russian rouble weakened against the dollar.

Including NCC, Global Ports’ gross container throughput rose by around 3 percent last year, while Global Ports’ standalone throughput was flat.
Russian private transportation group N-Trans and Danish terminal operator APM Terminals each have 30.75 percent stakes in Global Ports.

Source: Ed Andrews - Container Shipping & Trade