• 2015 August 29 10:33

    FESCO posts results for the six-month period ended June 30, 2015

    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.




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