FESCO posts H1 net income of $45 million
Net income of FESCO Group according to International Financial Reporting Standards (IFRS) for the first half of 2011 totaled US $ 45 million versus net loss of $ 28 million a year earlier, the company statement said.
Half-year total revenue of the Group was $ 458.9 million, up $ 98 million over the same period of 2010. FESCO’s operating income rose 44 percent to $ 44.5 million as compared with $ 30.9 million a year ago. The Group’s consolidated EBITDA for the six-month period increased by 16 percent to $ 87.6 million, EBITDA margin - by 19.1%.
“…substantial increase of domestic demand for industrial and consumer goods in 1H 2011 in combination with FESCO’s successful development of high value added integrated logistics services enabled us to show good operational and financial performance. We grew not only in terms of volumes, but also, in pricing. Given the traditional seasonality of our business we expect even higher numbers in the 2nd half of the year, which supports our positive forecast for 2011 full year results,” FESCO Vice-President & CFO Yury Gilts said.
FESCO Transport Group is a leading Russian integrated transport and logistics company. The Group owns a fleet of more than 800,000DWT to carry 18,000 TEUs. The Group manages a diversified fleet of its own railway rolling stock of over 17,000 units. Its own container fleet is about 50,000 TEUs. The total container and general cargo throughput of the Group’s port facilities reaches 290,000 TEUs and 7,5 million tons, respectively.
FESCO Group comprises FESCO Shipping, Transgarant (a major Russian railway operator), Russian Troika (an operator of rail container transport, a JV of FESCO and RZD), FESCO ESF Ltd (feeder container carrier in the Baltic Sea), Dalreftrans (operator of reefer container transport), Commercial Seaport of Vladivostok, Vladivostok Container Terminal, and FESCO Integrated Transport.
See more details: FESCO's financial statements >>>>