LUKA KOPER, d.d., Koper
Non-Audited January – September 2010 Interim Report
At its session held on 26th November 2010, Luka Koper d.d. Supervisory Board was introduced with the non-audited interim report on Luka Koper Group performance between January and September 2010.
In the first nine months of 2010, the Group generated € 92.188 million in operating revenues which is five percent ahead of the same period last year.
Cargo throughput, which is one of the most relevant indicators of the port's physical volume of operations, recorded a sixteen percent increase. Nevertheless, the growth in sales revenues didn't match the upward trend in cargo throughput which can in particular be attributed to the more rapid turnover of cargo at the port and the resultant down-turn in revenues from storage charges.
Despite the increase in cargo throughput, the company managed to cut down on labour costs by one percent. At the same time, higher loads at some terminals – in particular Container and Car terminal – contributed to the increase in service and maintenance costs. The operating expenses from January to September 2010 amounted to € 84.6 million which is eight percent year-on increase.
Simplified cash flow generated by the Group – expressed by EBITDA indicator – amounted to € 27.17 million and is seven percent ahead of January – September 2009 level.
Operating profit in the amount of € 7.6 million recorded twenty-percent downturn on the same period last year which in mainly due to higher amortisation, large investments over the last years and formation of long-term provisions for regular maintenance of port infrastructure.
The Group's net profit thus amounts to one million euros which is twenty-four percent of the recorded net profit on the same period last year. The final result is consequence of lower financial revenues in the third quarter of 2010, due to the decrease of the equity of the associated company Intereuropa, d.d.
The report will be available at the company's website www.luka-kp.si from 26th November onwards.
The Management Board