Novorossiisk Posts 49.5% Decline In 2011 Net Profit

Russian Novorossiisk reported a 49.5% decline in its net profit last year to $130.5 million. Interest payments on debt came in at $144.6 million in 2011, while the currency exchange loss came in at $168 million. Novorossiisk's debt stood at $2.38 billion. Novorossiisk expects its 2011 revenue to surge 65.2% to $1.05 billion and earnings before interest, taxation, depreciation and amortisation (EBITDA) to climb 32.3% to $550.3 million.