Russian transportation and logistics company Far-Eastern Shipping Company PLC. (FESCO) has announced a 25.3% fall in revenue in the six months to 30 June 2015 in line with the negative market trends in the country.
In its interim results, the company reported that its revenue went down from US$513.1m in the first half of 2014 to US$383.4m in the first six months of 2015.
In line with negative market trends, the container throughput decreased by 28% to 174,570 teu in the first half of the year compared to 242,612 teu in the same period last year.
The logistics company’s export-import liner volumes were down by 16.8% to 168,436 teu in the six months to 30 June 2015 from 202,542 teu in the first half of 2014.
FESCO’s intermodal transportation decreased by 8.9% year-on-year to 107.042 teu in the first half of 2015 compared to 117,474 teu in the first six months of 2014.
The domestic sea container trade fell by 4.3% from 28,154 teu in the first half of 2014 to 26,930 teu in the same period this year.
As regards the rail container transportation by the brands Transgarant and Russkaya Troyka, the company announced a 2.3% fall to 143.900 teu in the six months to 30 June 2015 from 147,300 in the same period last year.
Despite the decline in volumes, the logistics company’s Rail Division continued to perform better than the market, which dropped by 9.0% year-on-year in the first half of 2015, FESCO said in a written statement.
The Russian company’s profit before tax was equal to US$20m in the first half of 2015, compared to a loss of US$10m in the same period of 2014.
As Journal of Commerce reported in August, the Russian government dismissed employees at FESCO as part of an operation to crack down on port and customs corruption by also dismissing several St. Petersburg customs officials tied to a bribery investigation.