FESCO swings to 535 mln rubles of IFRS net profit in H1
MOSCOW. Aug 28 (Interfax) - The net profit of FESCO transport group to International Financial Reporting Standards (IFRS) in January-June 2015 was 535 million rubles against 669 million rubles of net losses a year earlier, the group's head company, OJSC Far Eastern Shipping Company , said in a report.
Revenue rose by 23% to 22.1 billion rubles, including Shipping Division revenue - 1.5 billion rubles (+140%), Liner and Logistics Division - 12.4 billion rubles (+16%), Rail Division - 3 billion rubles (+7%), Ports - 2.3 billion rubles (-2.6%) and Bunkering - 3.9 billion rubles (+160%).
Long-term liabilities fell 12% during H1 2015 to 53.7 billion rubles and short-term liabilities grew 13% to 12.7 billion rubles.
Capex fell 75% to $9.1 million.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 44.6%, to 3.7 billion rubles, and the EBITDA margin grew 2.3 percentage points from H1 2014 to 16.4% in H1 2015.
FESCO Transportation Group is an intermodal operator that manages marine, railway, and automobile transport capacities and stevedoring services at its own terminals at Russian and CIS ports. Ziyavudin Magomedov's Summa Group owns 32.5% of the parent company, GHP Group owns 23.8%, TPG holds 17.4% and East Capital owns 4.9%.
