FESCO still on a high

摘要

Russia-based FESCO has belatedly reported its financial results for 2008, revealing further benefits of diversification away from shipowning.rnThe company's revenue increased by 40%, up to USD1.246 billion, which growth was little different to most deep-sea ocean carriers, but its operating profit (EBITDA) rose by a much more healthy 32%, up to USD356mn, giving it a remarkable return on sales of 28.6%.rnNet income still decreased by 80%, down to USD20 million, not helped by an exchange rate loss of USD67 million and an impairment reduction of USD36 million.