Russia’s Global Ports reported its first-half net income fell 25.9 percent from a year ago to $53.7 million on stagnant container traffic and lower oil products shipments.
The London-listed company, which accounts for 30 percent of Russia’s container traffic, saw revenue dip 2.6 percent to $249.1 million in the first six months of 2013, while adjusted earnings before interest, tax, depreciation and amortization declined 4.7 percent to $137.7 million.
Container traffic at two terminals in St. Petersburg and one in Vostochny in Russia’s Far East slipped to 707,000 20-foot-equivalent units, from 709,000 TEUs in the first half of 2012. A 9.2 percent decline at the PLP terminal in St. Petersburg to 371,000 TEUs was more than offset by a 17.1 percent increase in Vostochny to 224,000 TEUs. The Moby Dik terminal in St.Petersburg handled 112,000 TEUs, an increase of 2.7 percent.
“We believe the industry’s long-term growth outlook remains attractive given the ongoing containerisation of Russian trade,” said Nikita Mishin, chairman of Global Ports chairman, in a written statement.
Global Ports, which is 37.5 percent owned by Denmark’s APM Terminals, last month announced the acquisition of NCC, Russia’s second largest port operator, for $1.6 billion.