FESCO consolidated income increased by 27% in 1H 2011
Consolidated income of the Group reached US$ 458.9 mln, or US$ 98 mln higher than in 1H 2010. FESCO scored operating profit of US$ 44.5 mln against US$ 30.9 mln last year and a net profit of US$ 45 mln. against the net loss of US$ 28 mln. for 1H 2010. The Group’s consolidated EBITDA for the reporting period of US$ 87.6 mln increased by 16%. The Group’s EBITDA margin amounted to 19.1%.
According to Yury Gilts, FESCO Vice-President & CFO, “…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. 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”.
Full text of FESCO 1H 2011 IFRS Reviewed statements is available from FESCO Web site:
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