FESCO says its profit from operating activity in January-September 2016 calculated under IFRS totaled $39.7 mln (-34.2%, year-on-year).
Consolidated revenue decreased by 27.1% YoY to $396.4m due to a decline in bunkering activity, as a result of which the revenue of this particular business segment decreased by 84.9%.
Consolidated revenue, excluding its Bunkering division, reduced by 15.2%, mainly driven by a decline in general demand and cargo throughput volumes.
EBITDA decreased in line with revenue, by 27.8% YoY to $63.9m, primarily due to lower container throughput and a decrease in average freight rates.
FESCO is one of the leading privately-owned transportation and logistics companies in Russia with operations in ports, rail, integrated logistics and shipping business. Diversified but integrated asset portfolio enables FESCO to provide D2D logistics solutions and control almost all steps of the intermodal transportation value chain. The majority of FESCO’s operations are located in the Russian Far East and the Group benefits from growing trade volumes between Russia and Asian countries. FESCO controls the Commercial Port of Vladivostok. FESCO is one of Russia’s top 10 private railcar operators providing services under the brands Transgarant (100%) and Russkaya Troika (50% JV with Russian Railways). FESCO owns and operates a fleet of 19 cargo ships and four icebreakers (in long-term time-charter).