14 Nov 2016 18:52

FESCO earnings shrink to 5.9 mln rubles in 9M

MOSCOW. Nov 14 (Interfax) - Far East Shipping company (FESCO) , the parent company of the FESCO Transport Group, saw its net profit to Russian Accounting Standards (RAS) shrink to 5.9 million rubles in January-September 2016, from 595.107 million rubles in the same period of last year, the company said in a report.

Sales revenue fell 20.6% year-on-year to 2.564 billion rubles.

A drop in "Other" income, from 4.055 billion rubles to 2.202 billion rubles, was among the factors that affected financial results.

FESCO financial highlights ('000 rubles):

	9M 2016	9M 2015
Sales revenue	2 563 736	3 189 162
Gross profit	-29 480	-63 746
Operating profit	-29 480	-63 746
Profit before tax	-185 720	593 156
Net profit	5 900	595 107

Accounts payable fell from 698.529 million rubles to 549.642 million rubles during the 9M.