FESCO net income up 26% to $58 mln in H1 08
FESCO Transportation Group reports half-year audited consolidated IFRS results for the period ending June 30, 2008, showing strong year-on-year performance and solid business expansion under normal market conditions.
1H 2008 IFRS Highlights:
Consolidated revenues to reach US$604 mln. (a 62% increase over 1H 2007).
EBITDA to increase to US$163.4 mln. (a 37% growth over 1H2007).
Net income to reach US$58 mln. (26% year-on-year growth).
In addition, for the first time FESCO officially introduces in its consolidated statements a 4-segment breakdown in the segmental analysis, to better reflect the diversified portfolio of the Group businesses.
Segmental Revenue breakdown:
Shipping: US$98 mln
Rail: US$122.2 mln
Ports: US$110.4 mln
Liner&Intermodal: US$ 273.2 mln
According to Evgeny Ambrosov, FESCO President, “all FESCO businesses performed very well in the first six months of 2008, creating a rigidity reserve in the company’s financials, coming very handy under current challenging conditions.”
FESCO Transport Group created on the basis of Far Eastern Shipping Company is one of the leading container operators in Russia. In 2007, the Group’s throughput exceeded 2.4 million TEU.
The deadweight of the Group’s fleet exceeds 1 million tonnes. The Group’s rolling stock numbers over 17,000 units. The Group’s port transshipment facilities have the capacity exceeding 1.6 million TEU.