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Russia’s Novorossiisk suffers loss in Q1 on weaker rouble
Novorossiisk Commercial Sea Port (NCSP) Group reported on Friday a net loss in the first quarter on foreign exchange losses due to a weaker rouble.
The port operator, which provides the largest outlets for Russian energy and commodity exports, reported a first-quarter $32.2 million net loss compared with a $37.8 million net profit in the same period a year ago.
It said the key impact on the bottom line was a $1.95 billion loan from Sberbank.
Revenue for the period rose to $255.4 million from $239.4 million in the first quarter 2013, the company said in a statement.
The sales increase was on the back of a rise in grains shipments to 1.5 million tonnes in January-March 2014 from 154,000 tonnes in the same period last year when such exports were effectively halted because of a poor harvest and high domestic prices.
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