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Global Ports’ Results Down amid Economic Downturn in Russia

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first_imgzoom Tough market conditions coupled with macro-economic backdrop in Russia have seen a decline of Global Ports Investments PLC’s throughput by 32% year on year to 834 thousand TEU in the first six months of 2015.Revenue was 25.2% lower than in the first half of 2014 at USD 214.3 million, mainly driven by lower container throughput and a decline in other revenues, whereas the company’s operating profit adjusted for impairment declined 4.1% year on year to USD 120.9 million in the first half of 2015.  Net profit adjusted for impairment grew by 8.9% or USD 5.9 million to USD 72.1 million compared to USD 66.2 million in the first six months of 2014.Tiemen Meester, Chairman of Global Ports, commented: “The macro-economic backdrop in Russia remained challenging throughout the first half of 2015 affecting consumer demand. Although this had a strong impact on imports, we have been seeing growth in containerized exports since 2013, which is a promising development.“During the six-month period, we have worked hard to mitigate the impact of the tough market conditions on our business. We have continued to focus on efficiency and cost cutting while successfully marketing our premium terminal services to our clients. Through these activities, we have expanded our EBITDA margin to 72% and limited the decline in Free Cash Flow to 11%, ensuring we continue to generate strong cash flow. This has again been principally allocated to servicing debt as deleveraging remains a key priority for the Group. Looking ahead to the second half of the year, we expect that the market will remain difficult.”Global Ports operates five container terminals in Russia (Petrolesport, First Container Terminal, Ust-Luga Container Terminal4 and Moby Dik5 in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland6 (Multi-Link Terminals Helsinki and Multi-Link Terminals Kotka).last_img read more

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Cookery programmes must do more to save the curry trade Asian food

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Judges Oliver Peyton, Andi Oliver, Matthew Fort of the Great British MenuCredit:Malou Burger  Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. “Television programmes should be more inclusive of Asian cooking so young chefs do not just see traditional French cooking styles. Programmes like Masterchef and Great British Menu should promote the British curry, which is in fact a highly complex cooking technique and part of our British food heritage.” Judges Oliver Peyton, Andi Oliver, Matthew Fort of the Great British Menu John Torode and Gregg Wallace of Masterchef, which holds a ‘professionals’ seriesCredit:BBC The Bangladeshi-born businessman, who owns a restaurant in Epsom, Surrey, and was awarded an MBE for services to the catering business, urged television bosses to show how Asian spices and cooking techniques can be just as sophisticated as French cuisine.“Most cookery television programmes promote traditional French cooking techniques,” he said. “It means that would be curry chefs who see such programmes may shun a career cooking Indian food because they think perfecting French techniques will be better for their career.–– ADVERTISEMENT ––“So, young second and third generation Asians considering entering the catering industry may believe the future of cooking is not really in Asian food. John Torode and Gregg Wallace of Masterchef, which holds a 'professionals' series Research carried out by Mr Ali, 57, suggests that up to eight curry restaurants or takeaways close each week, in part because many owners struggle to find suitably skilled chefs and the current workforce is aging.He added that while the Asian food industry was generally pro-Brexit, hopes that leaving the EU would allow more Indian, Pakistani or Bangladeshi chefs into the UK were receding.Consequently, he believes cookery programmes, which have done a tremendous amount to bolster the industry, should do more to promote ‘high end’ Asian culinary skills, partly because more Indian restaurants are being awarded Michelin stars.The BBC last night declined to comment. Cookery programmes like Masterchef and Great British Menu are putting young chefs off pursuing a career cooking curries, a leading Asian restaurateur has warned. Enam Ali, a champion of the UK curry industry, fears popular professional cooking television programmes which promote traditional French culinary techniques could be contributing to the country’s shortage of curry chefs.Speaking the day before he hosts the annual British Curry Awards – the so-called ‘Curry Oscars’, Mr Ali warned that the curry industry, which employs around 100,000 people in Britain, is suffering a kitchen staffing crisis forcing some restaurants to close. read more

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