- Despite the impact of Covid-19 Russian ports operator Global Ports reported a a modest increase in revenue for the six months to 30 June, up 1.8% to $184.4m.

On a like-for-like basis revenue fell 8.4%. Profit fell from $36.2m to $23.8m year-on-year. Cash flow totalled $69.4m and the company reduced its net debt to earnings ratio from 3.3 times at the start of 2020 to 3.1 times.

Consolidated Marine Container Throughput in its facilities was up 8.4% against a 2.4% decline for the wider market in Russia.

Albert Likholet, CEO of Global Ports, commented:

'The group's performance over the first six months of 2020 demonstrates the validity of our strategy that has been implemented over the last two years, focusing on clients, productivity, service standards, enhanced IT solutions, deleveraging, and cost management.

'As a result, the group has been able to meet the challenges of the recent volatile environment by being an efficient vertically integrated organisation with sufficient cash reserves, having effectively hedged the majority of its FX exposure.'

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