Net profit of TransContainer to IFRS falls by 39% in 2014
MOSCOW. March 30 (Interfax) - The net profit of OJSC TranContainer to International Financial Reporting Standards (IFRS) fell by 38.8% in 2014 to 3.658 billion rubles, the company said.
The company's revenue fell by 6.6% to 36.565 billion rubles. In particular revenue from expediting and logistical services was 27.379 billion rubles (+13%), railway container transport - 5.4 billion rubles (-34%), terminal servicing and agent services - 2.167 billion rubles (-48%), automobile transport - 978 million rubles (-28%). Earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 22.4% to 7.817 billion rubles.
Adjusted EBITDA margin for 2014 fell from 39.8% to 38.1% and margin for net profit at the same time fell from 23.6% to 17.8%.
Long-term liabilities of the company at the end of 2014 amounted to 8.151 billion rubles, which is 11.6% lower than at the end of 2013. Short-term liabilities for this period fell by 11% to 5.581 billion rubles.
"The Company's financial results for the year ended 31 December 2014 reflect sustained unfavourable pricing environment in the rail containertransportation market amid the continued slowdown in the Russian economy. The results were also affected by the change in the accounting for JSC KedenTransService results occurred in the fourth quarter of 2013," the company said.
