FESCO group for the I quarter has received net profit according to IFRS in the amount of 22 million dollars against profit a year earlier



FESCO transportation group for the I quarter of 2016 received net loss on International financial reporting standards (IFRS) in the amount of 22 million dollars against net profit in the amount of $ 16 million a year earlier. This is stated in the quarterly report of the company.

FESCO revenue for the reporting period decreased by 38%, amounting to 126 million dollars.

In particular, revenue from carrier-transportation reached $ 86 million (-27.1%), revenue from bunkering operations – $ 2 million (down 23%), revenues from freight and rent has not changed and amounted to 16 million dollars.

Operating expenses of the group decreased by 42.5% and amounted to 84 million dollars.

Recall that FESCO transportation group – one of the largest private transport and logistics companies in Russia. It is composed of 26 vessels, “commercial port of Vladivostok” (CPV) and terminal Dalreftrans”, train operators Transgarant and Russkaya Troyka”, in the management of the group are approximately 36 thousand containers.

The group’s parent company is OJSC “far East shipping company (FESCO). The main shareholder of FESCO – group “Sum” brothers Magomedov (32.5%), GHP Group belongs to 23.8%, TPG – 17.4% of the shares. In free circulation are 26.3% of the shares. The company’s shares are traded on the Moscow exchange.




FESCO group for the I quarter has received net profit according to IFRS in the amount of 22 million dollars against profit a year earlier 31.05.2016

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