REvenue was $928.1m, from $1.03bn. It turned over 141m tonnes of cargo, from 159m tonnes a year earlier. Revenue from stevedoring services was hurt by the decrease in transshipment of crude oil by 19m tonnes and a drop in grain volumes by 4m tonnes.
This reduced revenue generated by these cargos by, respectively, $52.2m and $63.1m. Revenue from transshipment of oil products rose $26.9m as volumes increased by 5m tonnes, and revenue from container cargo rose by 5.5% or $2.9m tonnes as container turnover grew at NLE. The acquisition of 0.9m tonnes of new coal traffic added $4m to Group revenue. Mixed changes in revenue from other cargo and services resulted in revenue decreasing by $11.3m. Revenue generated by fleet services and additional port services fell, respectively, by $10.2m and $3.5m in proportion to the decrease in cargo turnover.
Other revenue did not change significantly. The Group’s cost of sales fell $11.2m to $424.5m in 2013. This was, among other things, due to a decrease in expenditures on equipment repairs, which grew in 2012 due to extensive flood remediation work in Novorossiysk, as well as the weakening of the ruble against the U.S. dollar.
The Group’s commercial, general business and administrative expenses decreased by $10.6m, including by $3.1m due to a decrease in payments to staff. These changes had a positive impact on the profitability of the Group’s business.