Support The Moscow Times!

Novorossiisk Port Posts Profit Fall of 68%, Reaches Loan Deal with Sberbank

Novorossiisk Commercial Sea Port said Thursday it had reached a deal with Sberbank on improving the terms of a $1.95 billion loan.

The port operator, which provides the largest outlets for Russian energy and commodity exports, said the deal included a decrease in the interest rate from Jan. 19, changes in the repayment schedule, and a significant lightening of the covenant requirements.

The company said Thursday that nine-month net profit fell 68 percent year-on-year to $101.8 million due to foreign exchange losses.

Revenue for the period stood at $691.3 million, down 12 percent, while EBITDA fell 19 percent to $379.6 million, the company said in a statement.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more