Far East Shipping Company sees a 35% drop in half-year profit

Net income of Russian operator JSC Far Eastern Shipping Company (FESCO) in the first half of the year according to Russian Accounting Standards (RAS) totaled RUB 830.09 million, down 35% from the same period last year, the shipping company said.

Revenues for January-June 2013 decreased by 37% to RUB 711.07 million.

Far Eastern Shipping Company, is a shipping division of the group of companies under the same brand, FESCO Group. The company is a leading carrier of bulk and general cargoes. Major stockholders of FESCO are Summa Group and GHP, which have 49,99% and 23,75% of shares, respectively.