FESCO's half-year income rises 34%, to $387m

FESCO Transportation Group (RTS/MICEX: FESH/FESHG) has announced its semiannual consolidated reviewed IFRS accounts for 6 months starting January 1, 2010. Consolidated income of the Group reached $387 million, or $100 million from that of H1, 2009, the Group's press release said.

FESCO scored operating profit of $33m against operating loss of $73.7m last year. The Group’s consolidated EBITDA for the reporting period of $75 million is almost two times higher than in the same period of 2009.

According to Yury Gilts, FESCO Vice-President & CFO, “improved financial results of the Group show strong underlying recovery of operational performance across all FESCO business units, driven by the overall growth of the economy and restoration of volumes and, although to a lesser extent, margins in transportation and logistics businesses. As far as the balance sheet numbers are concerned, it’s important to note that 1H 2010 statements do not yet reflect the results of a very successful divestment of FESCO share in NCC assets, as the transaction was completed in July. Today FESCO balance sheet is strong and healthy, with US$ 450 mln of total debt and US$ 600 mln cash on the balance sheet.”