Russia's FESCO profit soars 36pc to US$161.4 million as sales leap 30.3pc
RUSSIA's Far East FESCO Transportation Group declared a 36 per cent year-on-year increase in operating profit in 2018 to RUB10
RUSSIA's Far East FESCO Transportation Group declared a 36 per cent year-on-year increase in operating profit in 2018 to RUB10.61 billion (US$161.4 million), drawn on revenues of RUB57 billion, up 30.3 per cent.
St Petersburg's PortNews reported that FESCO improved its key operating results and also achieved the highest handling volumes in its history (10.4 million tonnes) while also ramping up the container throughput 17.7 per cent to 551 thousand TEU.
Having developed the expedited multimodal delivery of cargoes along the Shanghai?Moscow route in 2017, FESCO expanded the process to include deliveries from Busan to Moscow and St Petersburg and from the ports of Japan to Moscow, setting a new standard for terms of delivery from the countries of Asia-Pacific region to the Russian Federation through the Far East.
Following the strategy for the development of new routes and regions, The group also expanded the route network by launching new railway services for export cargo deliveries from Russia to China via Mongolia and Kazakhstan.
To unlock the significant market potential and capitalise on the existing competencies, the group decided to tap into the containerised grain transportation both domestically and internationally.
The group has continued to develop its expertise in supply chain management in 3PL and 4PL segments as well as significantly expanded its order portfolio by offering project logistics services.