Moscow Metro sees 7% drop in profit in 2012
MOSCOW. July 18 (Interfax) - Moscow Metropolitan saw net profit to Russian Accounting Standards drop 7.2% year-on-year in 2012 to 5.53 billion from 5.96 billion rubles, the SPARK Interfax database shows.
Before that the capital's subway had seen its profit grow significantly for several years with a 130% surge in 2009, 74% in 2010 and 78% in 2011.
Fares were not raised last year for the first time in many years and were kept at 28 rubles per trip. Company revenue continued to grow, although the rate of growth slowed to 6% from 8% in 2011. Revenue was 68.44 billion rubles in 2012.
Moscow Metropolitan transported 2.46 billion passengers in 2012, of which 1.64 billion paid the full fare.
St. Petersburg Metropolitan posted revenue of 16.6 billion rubles, up 4%. The cost of St. Petersburg subway services continued, in contrast to the Moscow subway, to exceed revenue at 19.04 billion rubles, up 11% on 2011. St. Petersburg Metropolitan, which showed symbolic net profit in its report earlier, posted a loss of 385 million rubles.
Mosgostrans, which manages Moscow's municipal land transport, saw revenue climb 14% in 2012 to 40.93 billion rubles and profit jumped 140% to 417 million rubles.