Russia’s Global Ports booked net income of $146.9 million in 2011, up 23 percent on the previous year, as its Baltic and Far East container terminals boosted traffic 44 percent to more than 1.3 million 20-foot equivalent units.
It’s a strong sign of improvement in Russia’s economy, and the international trading community’s shift to emerging markets in Eastern Europe, Asia and South America.
Revenue at the Cyprus-based terminal operator grew 31 percent to $501.3 million on higher throughput and increased handling rates, and operating profit jumped 44 percent to $226 million from $157 million in 2010.
Global Ports, which raised $588 million in an initial public offering in London in June, said it had strongly outperformed the Russian container market’s 29 percent volume growth in 2011. The company’s share of container traffic at Russian ports rose to 30 percent from 27 percent in 2010.
Global Ports, which also handles general cargo, oil and coal shipments, said traffic had grown 12 percent year-over-year in January and February 2012, making it optimistic for the full year.
“Russian consumer confidence is strengthening, the Russian economy is strengthening … Russia exports raw materials and imports consumer goods such as electronics, so consumer confidence is a very relevant metric,” CEO Alexander Nazarchuk said.
Global Ports is 75 percent owned by N-Trans, a Russian transportation and infrastructure group that also co-owns rail cargo operator Globaltrans.
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