Russian Railways 3-year investment program planned at RUB 1.1tn.

By bne IntelliNews November 8, 2011
The government reviewed the investment program of railroad monopoly Russian Railways (RZD) for 2012-2014, which is planned at RUB 1.1tn (RUB 35.98bn). Out of that, the investment program for 2012 alone is planned at RUB 411.6bn. Company's head Vladimir Yakunin commented that RUB 40bn government support package along with lowering the railroad tariffs indexing to 6% in 2012 will allow the RZD to start a number of development and innovation projects. At the same time the development plan of the company sees 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 Jan-June 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 Jan-June 2011 to 607.7mn tones. Passenger turnover went up by 2.8% y/y to 463.9mn people in the reporting period. To remind, in 2010 RZD's cargo turnover went up by 8.8% y/y to 1.21bn tons.
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