Press Release, September 17, 2014 zoom Strong interim results for the period ending June 30, 2014 posted by Global Ports Investments PLC are believed to be the result of improved efficiency of the enlarged operation following the acquisition of NCC Group at the end of 2013. The company believes that the benefits of this, together with the positive foreign exchange impact , contributed to an increase in the Adjusted EBITDA Margin of 338 basis points to 66.3%.Given available capacity at the Group’s terminals, Global Ports was able to cut its CAPEX during the first half as well as lower the CAPEX guidance for the current year and for the next few years. This reduction in both the cost base and CAPEX, combined with the Group’s healthy cash flow generation, provides for gradual post-acquisition deleveraging, the company states in the report.Some of the key highlights for the six months ended June 20, 2014 include:Gross marine container throughput rose 67% to 1,355 thousand TEU;Group revenues increased 70% to USD 286.5 million;Adjusted EBITDA grew 82% to USD 189.9 million;The Group’s net profit attributable to equity holders of the company increased 30% or USD 16.2 million to USD 69.9 million.Nikita Mishin, Chairman of Global Ports, said: “The emphasis since the start of the year has been on extracting greater efficiency from our newly enlarged operation by streamlining processes and cutting costs. While the full impact of these efforts is not yet reflected in the financial results, these measures combined with the Russian rouble devaluation meant we were able to deliver a record Adjusted EBITDA margin in the first half. We have maintained our focus on free cash flow generation which underpins our ability to gradually deleverage.In terms of outlook, while the growth in the Russian container market has slowed, it remains substantially undercontainerized and we remain positive on the long-term prospects of the Russian container market as a whole.”
The police Financial Crimes Investigations Division (FCID) questioned Parliamentarian Namal Rajapaksa today over a land related issue.