Fulgate Consultants Limited (Cyprus) reduced its equity position in JSC Koltsovo-Invest to 49% from 100%, Koltsovo-Invest informed.
The stake was reduced pursuant to a loan agreement.
It will be recalled that Fulgate Consultants acquired a blocking stake in Koltsovo-Invest from the regional government in 2008 for RUB 249.1 million.
On February 28, 2013, JSC Koltsovo-Invest (part of Renova Group) won the tender for the right to build a new passenger terminal for the Perm-based airport. Other competitors were OJSC Airport Tolmachevo (part of Novaport Group), Basel Aero LLC.
Koltsovo International Airport (corporate name: Koltsovo Airport Public Stock Company, tax number: 6608000446) is one of the leading airports of Russia. Renova Group makes strategic investments in its reconstruction. Koltsovo cooperates with over 50 Russian and foreign airlines directly connecting Yekaterinburg with more than 100 cities of Europe, Asia, and North Africa.
IFRS net profit of Koltsovo International Airport for 2012 increased 3.08-fold to RUB 3.099 billion. Revenue increased by 31.04% to RUB 4.662 billion from RUB 3.558 billion, GP by 33.15% to RUB 1.956 billion from RUB 1.469 billion, pre-tax profit from continuing operations 6.58-fold to RUB 3.98 billion from RUB 604.512 million.
According to the information and retrieval system DataCapital, RAS net profit of Koltsovo Airport for 9 months 2013 dropped 3.39-fold to RUB 756.453 million from RUB 2.562 billion for the same period in 2012. Revenue grew by 4.48% to RUB 3.256 billion from RUB 3.116 billion, sales profit by 7.7% to RUB 1.202 billion from RUB 1.116 billion, pre-tax profit decreased 3.52-fold to RUB 933.359 million from RUB 3.281 billion.