TransContainer RAS net profits soar 19.5-fold to 1.3 bln rubles in H1
MOSCOW. July 22 (Interfax) - Net profits at OJSC Russian Railways (RZD) subsidiary TransContainer increased by 19.5-fold year-on-year to 1.319 billion rubles to Russian Accounting Standards (RAS) in the first half of this year.
This was 230% increase from the result for the whole of 2010.
The operator's sales revenue for the first half increased by 35.7% to 13.235 billion rubles while profit from sales went up by 170% to 2.257 billion rubles.
"The positive financial results were driven by increasing total operations, as well as the implementation of efforts for boosting the company's margin," TransContainer said.
It was earlier reported that TransContainer's transport operations increased by 18.3% to 654,000 TEU in the first half while terminal handling went up by 13.7% to 784,000 TEU.
TransContainer operates with heavy containers and fitted platforms to carry them, and also has a network of terminals in Russia and Slovakia. RZD owns 50%+1 share of the operator's stock, transportation group FESCO - 12.5%, the European Bank for Reconstruction and Development (EBRD) - 9.25%, and other owners - including TransCreditBank and the non-governmental pension fund Blagosostoyanie - 11.63%. Free float is 16.63%.