Russian Railways IFRS net profit soars y/y in 2009.

By bne IntelliNews September 22, 2010
IFRS net profit of Russian Railways (RZD) almost doubled y/y to RUB 152.2bn (USD 4.9mn) in 2009 vs. RUB 76.4bn seen in 2008, the company announced. Revenues decreased by 4% y/y to RUB 1.15tn, out of which revenues from cargo transportation stood at RUB 844bn (down by 6% y/y) and revenues from passenger transportation at RUB 166.7bn (up by 3% y/y). Operating expenses (less state subsidies) went down by 8.2% y/y to RUB 1tn last year, while EBITDA jumped 51% y/y to RUB 330bn. It was also announced by the head of the company Vadim Milkhailov, that RZD's net IFRS profit in H1/10 is estimated at RUB 58.5bn. He provided no comparison, but this is more than twice as much as H1/09 IFRS net profit of RUB 22.6bn. Russian Railways is 100% owned by the government. To remind, RZD is going to receive state support of RUB 75bn in 2011 vs. previously planned RUB 50bn, which is the amount granted this year. Also, the company is planning to raise up to RUB 100bn from its subsidiaries until 2012. RZD plans to sell stakes in about 30 companies, the largest assets being 50% minus two shares in First Cargo Company and 35% minus two shares in TransContainer, as well as 50% minus two shares stakes in companies such as Elteza, RZD Stroy, RemPutMash and others.

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