Freight One net loss widens 4.6-fold to 23 bln rubles in 2015
MOSCOW. April 28 (Interfax) - The IFRS net loss at leading Russian rail operator Freight One widened 360% to 23 billion rubles in 2015, the company reported.
The ban on operation of rail cars that have outlived their service life had a substantial impact on financial performance. "As a result of these restrictions, the company marked down goodwill and fixed assets by 25.3 billion rubles," Freight One said. An exchange rate loss on forex liabilities totaling 1.4 billion rubles also contributed, it said.
Revenue fell 9% to 83.2 billion rubles, including 40.6 billion rubles for gondolas (2.4% less) and 26.2 billion rubles for tanker cars (12% less).
Freight One is the biggest rail freight company on the Russian market, with operations throughout the CIS as well as a joint venture with Finland's railways. The company is part of UCL Rail, the rail division of Lisin's Universal Cargo Logistics Holding (UCL Holding). The group has about 170,000 rail cars, mainly gondolas, and also includes stevedoring companies in northwestern and southern Russia and major Russian shipping companies.