Novorossiysk Commercial Sea Port (NCSP), a large Russian stevedoring and port services company, said that its net profit for January-September 2011 calculated to IFRS fell 86%, to $32.163mn from $227.965mn in the same period of last year.

The nine-month net profit was impacted by such non-cash items as foreign exchange loss attributed to the recalculation of U.S. dollar-denominated liabilities (the loan taken out to buy the Primorsk Trade Port and the issue of Eurobonds) due to depreciation of the Russian rouble against the U.S. dollar, as well as conversion to presentation currency.

The revenue grew to $782.041mn from $499.372mn, gross profit increased 25% to $400.880mn and pretax profit plunged 69% to $89.861mn. EBITDA went up 17% year-on-year, to $404mn.

The NCSP invested $87.5mn (including VAT) in the reporting period, up from $80.6mn in the first nine months of 2010.