FESCO posts FY 2010 net profit of $456 million

Russian Far East logistics and shipping services provider, Fesco, has posted a FY 2010 net income of $456 million under IFRS.

The net result compares with the FY 2009 net loss of $233 million, as FY EBITDA nearly doubled to $173 million, as FY consolidated revenues rose $190 million from 2009, to $800 million.FESCO says the results reflect greater cargo volumes and improved revenues per unit, particularly in the liner and logistics and rail divisions, with the sale of Fesco’s stake in the National Container Company adding $419 million. FESCO Vice-President & CFO Yury Gilts, was upbeat about the results. “We're very pleased with our performance in 2010 and we are especially proud that strong year results were achieved not only by profitable sale of our stake in National Container Company but also by successful operational results of all our business units. The last two years have been challenging for many companies, and we think our results show the strength of our integrated business model, as well as the dedication and professionalism of FESCO team.”