Global Ports approves dividend given 1H 2011 net profit increase of $82.4 million

Russian port operator Global Ports has posted a 1H 2011 net income of US$82.4 billion under IFRS.

The net result is 99% up year-on-year from $41.4 million in the 1H 2010 to $82.4 million in the 1H 2011, backed by 82% year-on-year increase of EBITDA to $145 million from $79.7 million posted for the same period in 2010, with sales revenues also up 57% year-on-year from $94.1 million posted for the 1H of 2010 to $259.7 million this year. The company attributed the increase in sales figures primarily to a 71% increase in container handling throughput, along with improved average pricing and changes in the mix of services provided.Nikita Mishin, chairman of the board of directors of Global Ports, said strict cost management and significant operating leverage helped to boost Group profits and improve services “Having successfully completed the London IPO of Global Ports in June this year, I am delighted we are able to deliver such an impressive set of operational and financial results in our first reporting period as a public company. Our well-timed capacity expansion and our premium service offering, combined with strong customer demand, enabled us significantly to outperform the market and gain market share. A nearly twofold increase in our profits was the result of a record performance from our operations and careful cost management. With our high-quality customer base, diversified business profile, strong balance sheet and clear, focused expansion program, we are well-positioned to continue this growth and to strengthen our market leadership,” Mishin commented.