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FESCO pre-tax profit off 32.2pc to US$47 million as sales fall 31pc
RUSSIAN shipping giant FESCO's operating profit (EBITDA) fell from January to July by 32.2 per cent year on year to US$47 million, drawn on revenues of $303.8 million, down 31 per cent.
In the seven-month period, bunker sales plunged almost five times to 65,500 tons including 7,100 tons of bunker sold in July.
The company's revenue excluding the bunkering division dropped by 18.3 per cent to $300.3 million, reported St Petersburg PortNews.
In intermodal freight, volume went up 21 per cent from June to July to 15,700 TEU, but fell 14.4 per cent to 84,500 TEU in the first seven months year on year.
In sea container movement, June to July volumes increased 4.9 per cent, but in the first seven months throughput was down 21.9 per cent year on year to 149,800 TEU.
Similarly, domestic container movement was up 25.5 per cent June to July, but down 6.1 per cent in the first seven months year on year to 30,800 TEU.
FESCO is privately owned transportation and logistics company with operations in ports, rail, integrated logistics and shipping.
"Diversified but integrated asset portfolio enables FESCO to provide door-to-door logistics solutions and control almost all steps of the intermodal transportation value chain," said a company statement.
Most FESCO operations are in the Russian Far East. FESCO is one of the leaders of container transportation through the Russian Far East via international sea container lines to/from Asian countries, domestic sea container lines and by rail.
In 2015, total container throughput at the Commercial Port of Vladivostok amounted to 345,000 TEU.
FESCO has a fleet of 19 vessels, mostly deployed through own sea service lines, and four icebreakers leased under long-term contracts.
In addition, the Group has a 50 per cent interest in JSC Russkaya Troyka and a 24.1 per cent interest in PJSC TransContainer.
In the seven-month period, bunker sales plunged almost five times to 65,500 tons including 7,100 tons of bunker sold in July.
The company's revenue excluding the bunkering division dropped by 18.3 per cent to $300.3 million, reported St Petersburg PortNews.
In intermodal freight, volume went up 21 per cent from June to July to 15,700 TEU, but fell 14.4 per cent to 84,500 TEU in the first seven months year on year.
In sea container movement, June to July volumes increased 4.9 per cent, but in the first seven months throughput was down 21.9 per cent year on year to 149,800 TEU.
Similarly, domestic container movement was up 25.5 per cent June to July, but down 6.1 per cent in the first seven months year on year to 30,800 TEU.
FESCO is privately owned transportation and logistics company with operations in ports, rail, integrated logistics and shipping.
"Diversified but integrated asset portfolio enables FESCO to provide door-to-door logistics solutions and control almost all steps of the intermodal transportation value chain," said a company statement.
Most FESCO operations are in the Russian Far East. FESCO is one of the leaders of container transportation through the Russian Far East via international sea container lines to/from Asian countries, domestic sea container lines and by rail.
In 2015, total container throughput at the Commercial Port of Vladivostok amounted to 345,000 TEU.
FESCO has a fleet of 19 vessels, mostly deployed through own sea service lines, and four icebreakers leased under long-term contracts.
In addition, the Group has a 50 per cent interest in JSC Russkaya Troyka and a 24.1 per cent interest in PJSC TransContainer.
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