Russian Railways ups investment program for 2012.

By bne IntelliNews December 27, 2011
Russian Railways (RZD) announced that the 2012 investment program of the railroad monopoly is going to amount to RUB 428.4bn (USD 13.7bn). Previously, RZD's investment program for 2012-2014 was announced at RUB 1.1tn, out of which the investment program for 2012 alone was planned at RUB 411.6bn. To compare, in 2010 it stood at about RUB 400bn. At the same time the development plan of the company previously included average borrowings over the next three years at RUB 100bn, as the sales of shares in subsidiaries and reserves of RZD are not going to fully finance the investment program. RZD posted RAS net profit of RUB 48.5bn (USD 1.68bn) in H1/2011, press service of the company announced. This makes a 17% y/y decline. Revenues in the reporting period went up by 10.8% y/y to RUB 644.7bn. Previously RZD announced that it increased cargo loading by 4% y/y in H1/2011 to 607.7mn tones. Passenger turnover went up by 2.8% y/y to 463.9mn people in the reporting period. In 2010 RZD's cargo turnover went up by 8.8% y/y to 1.21bn tons.
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