FESCO says delays releases of RAS reports for 2019, Jan–Mar 2020

MOSCOW, Jun 16 (PRIME) -- Russia’s Far-Eastern Shipping Company (FESCO) has delayed publication of financial reports calculated under Russian Accounting Standards (RAS) for 2019 and for January–March 2020, the company said late on Monday in a quarterly report without providing any reason.

“The company has delayed the release of the annual accounting report for 2019 and the accounting report for the three months of 2020,” the company said.

FESCO also said that the coronavirus pandemic poses serious risks for the company.

“The COVID-19 pandemic has become a significant risk for the global and Russian economies,” the company said.

“The Economic Development Ministry forecasts Russia’s GDP to fall by 5% in 2020 … The factors may severely limit the company’s access to the sources of financing inside Russia and may have an unfavorable impact on the purchasing power of its clients and their activity in general.”

At the same time, the risks of natural disasters and possible disruptions of transport connections in the regions, where FESCO operates are minimal, the company added.

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