Transgarant IFRS net profits climb 27% in 2012
MOSCOW. May 23 (Interfax) - The Fesco transportation group's Transgarant made 2.455 billion rubles in net profits to International Financial Reporting Standards (IFRS) last year, a 27% increase on the year before, the railway company reported.
Sales revenues increased 18.3% to 10.7 billion rubles, gross profits
29.5% to 4.03 billion rubles, and pretax profits 29.8% to 3.055 billion rubles.
Net financial expenditures jumped 110% to 1.18 billion rubles last year. The value of the company's assets decreased 9.6% to 17.654 billion rubles.
Transgarant's obligations under credits and loans contracted 12.2% over 2012 to 10.851 billion rubles by year-end. Long-term debt decreased 42% to 6.1 billion rubles while short-term debt grew 160% to 4.7 billion rubles. The company took 2.946 billion rubles in credits and loans last year and paid back 3.9 billion rubles.
Transgarant provides rail transportation services for industrial freight. In addition to railcars, the company operates five mainline and two shunting locomotives. The operator is part of the transport holding Fesco (managing company OJSC Far East Shipping ), controlled by Ziyavudin Magomedov's Summa group, organizations associated with Mark Garber, and the fund TPG.
Transgarant increased net profits to Russian Accounting Standards (RAS) 9% to 1.4 billion rubles and sales revenues 10% to 7.4 billion rubles last year. CFO Alexei Barbariush attributed this upward movement to "increased demand for transport services in the first half of 2012 with continued growth in demand for container shipping throughout the entire year."