Commercial Port of Vladivostok sees net profit to RAS fall 4% in 9M, revenue down 8%

VLADIVOSTOK. Nov 2 (Interfax) - PJSC Commercial Port of Vladivostok , the largest stevedoring company at the port of Vladivostok and part of FESCO Transportation Group, earned a net profit to Russian Accounting Standards (RAS) of 14.8 billion rubles in January-September 2024, down 3.9% year-on-year, the company said in reporting.

Revenue fell 8.1% to 21 billion rubles. Cost of sales fell 5% to 7.6 billion rubles.

Administrative costs rose 10.9% to 2.176 billion rubles, while other earnings fell 76.8% to 1.296 billion rubles and other expenses were down 29.5% to 915 million rubles.

The company also received 4.48 billion rubles from involvement in other businesses in 9M. The figure for this was not published in the previous year.

The company did not discloses figures on the amounts or dynamics of handling operations.

Commercial Port of Vladivostok financial highlights, thousand rubles:

9M 2024 9M 2023 Change Sales revenue 21 009 329 22 863 969 -8.1% Cost of sales 7 580 616 7 977 246 -5% Gross profit 13 428 713 14 886 723 -9.8% Operating profit 11 200 062 12 891 208 -13.1% Profit before tax 17 638 197 18 575 972 -5% Net profit 14 804 527 15 403 789 -3.9%

Payables grew from 3.188 billion rubles as of December 31, 2023 to 4.113 billion rubles as of June 30, 2024. Receivables rose from 13.371 billion rubles to 18.679 billion rubles.

The Commercial Port's facilities are located at 15 berths in the port of Vladivostok.