FESCO posts Q3 2014 results
FESCO Transportation Group provides a trading update with the operational and consolidated financial results as per IFRS for three months and nine months periods ended September 30, 2014, the company said in its press release.
Highlights:
In 3Q 2014, FESCO continued to increase container transportation and handling volumes across all divisions strengthening its leading position in the Russian Far East
FESCO was #1 in the Far East by total container handling at sea port terminals with the market share of 31.9% and by import container handling with the market share of 40.5%
FESCO remained the leader by volume on all export-import sea container service lines where the Group operates with the market share of 41%
Container throughput at the Vladivostok port increased by 10.4% YoY in 3Q 2014 distinctly outperforming the Far East market, the fastest growing Russian sea basin
Container transportation by the Rail Division accelerated growth to 21.4% YoY in 3Q 2014
In 3Q 2014, Rail division showed the first load volume growth and an improvement of the financial performance on QoQ basis compared to 2Q2014 after a long decline since the beginning of 2013
In the environment of RUB depreciation, FESCO is leveraging a sustainable trend of growing bulk and containerized cargo export across all steps of the transportation value chain
Group results were positively impacted by growth of volumes across all division and negatively impacted by RUB devaluation, change of cargo mix in the port and continuous rail market weakness
In 3Q 2014, Group’s consolidated revenue in USD increased by 13.3% YoY to $331m. In RUB, Group’s consolidated revenue grew by 25.2% YoY to RUB 11,961m
In 3Q 2014, Group’s EBITDA in USD increased by 4.0% YoY and reached $55.1m. On QoQ basis Group’s EBITDA increased by 55.7% driven by significant performance improvement across divisions. In RUB, Group’s EBITDA was up by 15.1%YoY and reached RUB 1,994m.
EBITDA margin declined on YoY basis due to increasing share of less marginal export cargo and increased from 13.1% in 2Q 2014 to 16.6% in 3Q 2014.
