Russian far east shipping and logistics operator, FESCO, has posted a 1H 2011 net profit of $45 million under IFRS.
The net result saw a major turnaround from a 1H 2010 net loss of $28 million, with consolidated EBITDA rising 16% year on year to $87.6 million, as revenues rose to $458.9 million from $361.8 milliona year earlier.
Yury Gilts, FESCO Vice-President CFO,said higher shipment volumes coupled with increased price for their services provided for a positive net result.
“…substantial increase of domestic demand for industrial and consumer goods in 1H 2011 in combination with FESCO’s successful development of high value added integrated logistics services enabled us to show good operational and financial performance. We grew not only in terms of volumes, but also, in pricing.”
Gilts made an optimistic forecast for 2H 2011 and FY 2011 as well, saying coming months are expected to bring more work.
“Given the traditional seasonality of our business we expect even higher numbers in the 2nd half of the year, which supports our positive forecast for 2011 full year results.”