FESCO swings back into red, reports net loss of RUB11,5bn in FY2015
Net loss of FESCO Transportation Group according to IFRS FY 2015 results grew by 86% year-on-year to 11.5 billion rubles, the Group's financial statement said. The Group’s financial results were attributed to uncertain economic environment, foreign exchange rate fluctuations, economic sanctions and a slowdown in domestic consumption.
The Group's revenue decreased by 3% to 41.6 billion rubles.
About FESCO
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, which has throughput capacity of 3.9 million tonnes for general cargo and oil products, 150,000 vehicles and over 600,000 TEUs in containers. 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 has nearly 36,000 containers, owns and manages a fleet of 22 cargo ships and has four icebreakers in long-term time charter.
