Russian Railways cargo loading up by 14% y/y in Jan-Mar.

By bne IntelliNews April 9, 2010
Russian Railways (RZD) increased cargo loading by 13.6% y/y in Jan-Mar 2010 to 309mn tones. Out of that, domestic cargo turnover went up by 13.4% y/y to 187mn tons, while international cargo turnover went up by 13.8% y/y to 122.5mn tons. To remind, in 2009 RZDs cargo turnover went up by 15.1% y/y to 1.2bn tons. July alone, cargo turnover decreased by 13% y/y. As reported, IFRS net profit of RZD went down by 66% y/y to RUB 22.55bn in Jan-June 2009. Revenues decreased by 7.6% y/y to RUB 532bn, while operating expenses (less state subsidies) more than halved  y/y to RUB 47.39bn in the reporting period. If the state subsidies are taken into account, operational profit of RZD in H1/09 stands at RUB 64.75bn vs. RUB 108bn in H1/08. To remind, IFRS net profit of RZD went down by 47% y/y to RUB 76.4bn in 2008.
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