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Global Ports Posts 26% Fall in Profits

London-listed Russian ports operator Global Ports posted Monday a 26 percent year-on-year fall in net profit to $53.7 million in the first half and said earnings had been hit by a tough market for its oil products terminal segment.

Global ports, which accounts for 30 percent of container throughput at Russia's ports, said revenue was down 2.6 percent for the period at $249.1 million, while EBITDA fell 4.7 percent to $137.7 million.

"We believe the industry's long-term growth outlook remains attractive given the ongoing containerization of Russian trade," Global Ports Chairman Nikita Mishin said in a statement.

The firm said its board had approved the payment of an interim dividend of $0.07 per share, equal to $0.21 per Global Depository Receipt.

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