FESCO Transportation Group has announces its operational and consolidated financial results as per IFRS for six-month period ended June 30, 2015.
FESCO increased its market share on the export-import sea container service lines through the Russian Far East to 45.9%.
FESCO remains the largest port operator in the Far East basin by import container handling with market share of 34.7%.
The macroeconomic environment put pressure on FESCO container volumes. In order to address the market headwinds, the Group continues to successfully implement its cost-cutting initiatives with targeted effect of approximately $40 mln in 2015.
Group EBITDA margin increased by 2.3 pp YoY in 1H2015 as cost reductions mitigated the impact of the decline in revenue.
CAPEX was down from $36.3m in 1H2014 to $9.1m in 1H2015.
In 1H2015, FESCO Rail Division was outperforming the market both in container and general cargo segments:
Rail cargo load increased by 1.0% YoY to 10.0 million tons (versus 1.5% YoY market decline)
Rail container transportation decreased by 2.3% YoY to 143.9 thousand TEU (versus 9% YoY market drop).
FESCO port and liner container volumes were down in line with negative market trend:
Container handling at VMTP was down by 28% YoY to 174.6 thousand TEU
Export-import liner volumes were down by 16,8% YoY to 168.4 thousand TEU
Intermodal transportation was down by 8,9% YoY to 107 thousand TEU.
General cargo volumes at the port decreased by 17.2% YoY to 1,055 thousand tons in 1H2015.