RZD revenue rose 9% in Q1; net profit at 2.5 bln rubles
MOSCOW. April 28 (Interfax) - Russian Railways (RZD) increased revenue 8.6% in Q1 2015 year-on-year to 372.396 billion rubles, the company said in its quarterly report.
Net profit fell to 2.535 billion rubles, down from 10.239 billion rubles a year earlier. The pretax profit was 13.607 billion rubles compared with a pretax loss of 5.337 billion rubles in Q1 2014.
It was reported earlier that rail freight tariff indexation raised rates 10% at the beginning of 2015. In addition, in January, RZD indexes all export tariffs by 13.4% under its "tariff corridor" (the increase was subsequently reduced to 1.3% for coal). The cost of infrastructure services for passenger trains was raised 10%.
Total loan debt increased 2.3% in Q1 2015 to 876.16 billion rubles. Short-term debt fell 6.9% to 130.8 billion ruble, to 14.9% of the total debt portfolio from 16.4% previously.
RZD loan and credit liabilities (mln rubles):
| Liability | March 31, 2015 | December 31, 2014 | December 31, 2014 |
| Short-term, incl.: | 130 833 | 140 509 | 36 957 |
| - credits | 75 448 | 74 902 | 5 920 |
| - loans | 55 358 | 65 607 | 31 037 |
| Long-term, incl.: | 745 324 | 715 711 | 579 154 |
| - credits | 406 580 | 406 967 | 254 154 |
| - loans | 338 744 | 308 744 | 325 000 |
| Total | 876 157 | 856 220 | 647 148 |
RZD posted a net loss of 44.1 billion rubles in 2014 on revenue of 1.402 trillion rubles, 1.8% more. The loss was due to the ruble devaluation late last year and the freeze on tariffs, resulting in RZD 67 billion rubles in lost revenue, a source at the rail monopoly told Interfax. Slowing economic growth in Russia also took its toll, sending loadings down 0.8%.