FESCO’s revenue up 23% to RUB 22 bln in HI’2015
FESCO Transportation Group today announces its operational and consolidated financial results as per IFRS for six-month period ended June 30, 2015. In RUB terms revenue in 1H2015 was up by 23.2% YoY to RUB 22,103m.
EBITDA was up by 44.6% YoY to RUB 3,663m.
According to the statement, the Group’s financial results were affected by declining transportation volumes and RUB depreciation, but cost-control measures and conversion of export-import tariffs in port from RUB to USD support the profitability.
In 1H2015, Shipping Division’s revenue was up by 44.7% YoY to $48,2m. It was driven by an increase of more profitable cargo transportation in Arctic basin and increase in international freight tariffs especially for container ships. The Division’s EBITDA was up almost five times to $15.9m.
Port Division’s revenue decreased by 34.0% YoY in 1H2015 to $59,4m on the back of weakening volumes. EBITDA declined by 21.9% YoY to $31.7m.
FESCO Transportation Group is one of the leading privately-owned transportation and logistics companies in Russia with operations in ports, rail, integrated logistics and shipping business. Diversified but integrated asset portfolio enables FESCO to provide door-to-door logistics solutions and control almost all steps of the intermodal transportation value chain. FESCO Group owns Commercial Port of Vladivostok OJSC, railway operator Transgarant, and Russkaya Troyka (50% joint venture with Russian Railways OJSC). FESCO operates a container park of over 36,000 containers and a fleet of 22 vessels, mostly deployed through own sea service lines, and 4 icebreakers leased under long-term contracts.
