Russian Railways cargo loading up by 3.3% y/y in Jan-Sep.

By bne IntelliNews October 3, 2011
Russian Railways (RZD) increased cargo loading by 3.3% y/y in Jan-Sep, head of the company Vladimir Yakunin announced without providing the absolute figures. To remind, in H1/11 cargo loading was up by 4% y/y to 607.7mn tons. Overall this year the cargo transshipment growth by RZD is seen at 3%-3.35. In 2010 RZD's cargo turnover went up by 8.8% y/y to 1.21bn tons. As reported, in 2010 overall Russian Railways expected its profit to increase to RUB 70bn. If 2009 profit of RUB 14.4bn is taken as a base, this would make almost a 5-fold y/y growth. However, it was noted that in 2011 net profit is seen to drop to about RUB 2.7bn due to limitations on tariffs growth (cargo transportation tariff's growth approved by the government for 2011 stands at 8%, while company believes that economically justified growth is 23%). Previously Russian Railways announced that it is going to have state funding cut by 24% to RUB 89bn in 2011. Company's total investment program for 2011 stands at RUB 349bn. State funding for the company in 2011-2013 is going to amount to RUB 157.5bn, including RUB 67bn in 2012 and RUB 0.5bn in 2013. Russian Railways is 100% owned by the government.
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