Russian Railways cargo loading up by 10% y/y in Jan-Feb.

By bne IntelliNews March 16, 2011
Russian Railways (RZD) increased cargo loading by 9.8% y/y in Jan-Feb to 213.3mn tones. Out of that, domestic cargo turnover went up by 9.6% y/y to 128.7mn tones, while international cargo turnover went up by 9.7% y/y to 84.6mn tones. To remind, in 2010 RZD's cargo turnover went up by 9% y/y to 1.35bn tones. IFRS net profit of Russian Railways more than quadrupled y/y to RUB 110.5bn in H1/10 vs. RUB 25bn seen in H1/09. Company's IFRS net profit almost doubled y/y to RUB 152.2bn in 2009. In H1/10 revenues increased by 22% y/y to RUB 651bn, while EBITDA jumped 85% y/y to RUB 205bn. Last month Fitch Ratings affirmed long-term Issuers Default Rating (IDR) of Russian Railways at BBB, outlook Stable. Agency attributed the affirmation to full state ownership of the company, its strategic and systemic economic importance, as well as expected government support for the company. Russian Railways is 100% owned by the government.

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