OREANDA-NEWS. May 20, 2010. Net income of Tuapse Commercial Sea Port (TCSP OJSC) in the first quarter increased by 35%, under Russian Accounting Standards (RAS), compared with the same period of 2009, to 241.935 million rubles. First-quarter revenues of the Company amounted to 517,712,000 rubles, a 19-percent rise over Q1, 2009, the stevedoring company statement said.

The Company’s 2009 net income rose almost by 37-percent, to 1,011,509,000 rubles, revenue was up 1,2 times over 2008’s numbers, at 2 billion 363.296 million rubles.

In 2009, the Tuapse Port positive results were due to the Russian Govt. measures for the devaluation of the RUB, as the Company’s services charges are denominated in USD. That helped receive additional revenue while the handled freight volume decreased. Besides, the TCSP had increased some of its services fee and cut costs in all of its business segments, the Company report said.

Tuapse Commercial Sea Port (TCSP OJSC) the major stevedore operating at one of the largest ports in Russia - the sea port of Tuapse. Universal Cargo Logistics Holding BV (UCLH) holds a 69.52% stake in TCSP OJSC.