Russia: NCSP Group Continues Implementation of Investment Program

Novorossiysk Commercial Sea Port Group announces its unaudited consolidated financial results for nine months ended 30 September 2011 in accordance with International Financial Reporting Standards (IFRS).

NCSP Group continued implementation of its investment program, aimed at construction of new and reconstruction of existing stevedoring capacities.

During the first nine months of 2011, according to the Group’s management accounts, capital expenditure totaled $87.5 million (including VAT) versus $80.6 million in the same period of 2010.

Deputy CEO for Finance and Economy of PJSC NCSP Andrei Bubnov commented:

“We are conducting a complex of measures aimed at reducing expenses, which resulted in cost of services decrease of 8% in the third quarter over the second quarter, while SG&A expenses decreased by 17%. The Group continues to actively invest in modernization of production facilities, implementing its program for capital construction and repairs.”

More info: nmtp

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Dredging Today Staff, December 21, 2011; Image: nmtp