Net income of JSC Far Eastern Shipping Company (FESCO Shipping) in the first quarter of 2012 according to Russian Accounting Standards (RAS) surged by as much as 30 times year-on-year to RUB 1.22 billion, the Group said.
First-quarter revenues shrank by 15.2% to 677 million rubles.
Vladivostok-based JSC Far Eastern Shipping Company is part of FESCO Transportation Group. The Company is the ocean carrier of bulk and general cargoes. The company’s fleet comprises 67 vessels of total 900,000 DWT. FESCO is the biggest operator of Russian ice-breaking fleet.