Business News

Port Operator Reports 3.4M in Q1 Profit

Koper, 13 May (STA) - Slovenia's sole commercial port operator Luka Koper reported EUR 3.4m in net profit at the level of the group for the first quarter of the year, which is up 21% on the same period last year.

Operating revenues for the group stood at EUR 30m, according to unaudited operating results which the supervisory board endorsed on Thursday.

The parent company Luka Koper, which generated 94% of the group's revenues, saw a 2% drop in revenues despite a 2% increase in transshipment as a result of lower storage charge revenues.

Operating revenues at the level of the group were down by about 3% due to towing company Adria-Tow being excluded from consolidated financial statements.

The group's operating costs were up 2% year on year to EUR 27m in Q1, mainly due to a 23% hike in depreciation costs as a result of past investment in infrastructure. Depreciation added up to EUR 6.5m.

Financing profit for the quarter stood at EUR 180,000 compared to the EUR 2.5m loss in the same period last year. The increase in revenues was mainly on account of profit of associated companies.

The group increased capital by 3% on the end of 2009. Financial liabilities equaled 94% of the share capital. Debt increased by EUR 4.4m, while the group is regularly meeting all its liabilities, according to the operating report.

The operator transshipped 3.8 million tonnes of cargo in Q1, up 5% on the target and 2% more than in the same period last year. Transshipment of containers surged most, from 85,000 units in Q1 2009 to 110,000 units or over one million tonnes in Q1 2010.

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