Embargo on grain exports earnings dropped the port of Novorossiysk

NCSP, whose shareholders in January 2011, closed a deal to purchase the port of Primorsk (TAP) with the simultaneous sale of a controlling stake NCSP co-owners of TAP "Transneft" and "Summa Capital, reported on Wednesday that net profit growth at 2.5% to 258.4 million dollars to international standards for 2010. Proceeds of the operator decreased by 5,9% to 635.3 million dollars amid falling port turnover by 5,7% to 81.6 million tons in 2010. By reducing the volume of transshipment of grain, iron ore, ferrous metals, bulk cargo port has lost 63.3 million dollars of revenue, including the largest share (nearly $ 40 million) accounted for the loss of entered August 15, 2010 State of the embargo on grain exports, transfers Reuters reports with reference to the port. If it were not for reducing the loading of grain by 36,5% to 5,7 million tons and revenues of the NCSP would remain at 2009 levels – 675 million dollars. "As a result of the embargo on grain exports imposed by the Government of Russia, we have lost significant amounts of one of the most profitable goods" – are the company reported words of the head NCSP Igor Vilinova. However, reducing turnover did not prevent the NCSP to increase profitability and to double the investment program, preparing the company for sale "Transneft" and "Summa Capital.