Global Ports’ Profit Falls on Flat Revenue, Higher Container Traffic

Global Ports’ Profit Falls on Flat Revenue, Higher Container Traffic

Global Ports’ net profit for 2012 fell 16 percent from a year ago and revenue stalled even as the Russian group boosted container traffic by 8 percent to consolidate its near 30 percent share of the domestic market.

The $23.5 million decline in net profit to $123.5 million reflected impairment charges, and revenue grew just $500,000, or 0.1 percent, to $501.8 million. Higher container sales were offset by lower revenue from the oil products terminals.

Global Ports, which has three container terminals in Russia and two in Finland, handled 1.45 million 20-foot-equivalent units in 2012, accounting for 73 percent of group revenue.

APM Terminals, which bought a 37.5 percent stake in Global Ports for $860 million in September, said it was pleased with the result and the positive outlook for the future.

“The Russian market continues to grow much faster than the global container market and is even outperforming other high growth markets such as India, Brazil and China,” said Kim Fejfer, chief executive of A.P. Moller-Maersk’s port arm and vice chairman of Global Ports.