OREANDA-NEWS. November 12, 2010. FESCO Transportation Group (RTS/MICEX: FESH/FESHG) announces its semiannual consolidated reviewed IFRS accounts for 6 months starting January 1, 2010.

Consolidated income of the Group reached USD  387 mln, or USD  100 mln higher than in 1H 2009. FESCO scored operating profit of USD 33 mln against operating loss of USD  73.7 mln last year. The Group’s consolidated EBITDA for the reporting period of USD  75 mln is almost two times higher than in the same period of 2009.

According to Yury Gilts, FESCO Vice-President & CFO, “improved financial results of the Group show strong underlying recovery of operational performance across all FESCO business units, driven by the overall growth of the economy and restoration of volumes and, although to a lesser extent, margins in transportation and logistics businesses. As far as the balance sheet numbers are concerned, it’s important to note that 1H 2010 statements do not yet reflect the results of a very successful divestment of FESCO share in NCC assets, as the transaction was completed in July. Today FESCO balance sheet is strong and healthy, with USD  450 mln of total debt and USD  600 mln cash on the balance sheet.”