OREANDA-NEWS. Novorossiysk Commercial Sea Port Group (“NCSP Group” or the “Group”) (LSE: NCSP, Moscow Exchange: NMTP) today announces its consolidated IFRS financial results for the six months ending 30 June 2014.

NCSP Group consolidated revenue in H1 2014 increased 9.3% year-on-year to USD 511.1 million. Cost of sales reduced by 1.8%, SG&A expenses reduced 15.6% year-on-year. EBITDA for H1 2014 increased 21.1%* year-on-year reaching USD 304.8 million*, while margin increased by 5.8* percent points to 59.6%.* Net profit totaled USD 137.9 million versUSD 13.9 million same period last year.

Commenting on H1 consolidated financials PJSC NCSP CEO Sultan Batov said:

"Growth of Group's revenue in H1 2014 was driven by a mix of factors, including increase of grain volumes to 2.5* million tonnes from 478* thousand tonnes in H1 2013; oil products volumes growing 14.5%* year-on-year; ferrous metals up 9.4%*; sugar up 45.2%*; container traffic in TEU up 9.9%* year-on-year supported by growing share of loaded containers and increased handling tariff for these, as well as increased tariffs on crude oil, oil products, coal, and perishable cargo.

Decline of crude oil volumes by 8.0* million tonnes or 16.8%* year-on-year produced the most material negative effect on the revenue.

Besides growing revenues, increase in net profit was driven by reduction of foreign exchange losses to USD 43.4 million in H1 2014 from USD 129.2 million in H1 2013".