Russian Railways improves profit

Russia’s state-owned railway monopoly, Russian Railways, has posted a FY 2010 net profit of 208.3 billion roubles under IFRS

The bottom line is up 75% year-on-year to 208.3 billion roubles, from 121.3 billion roubles in 2009, with EBITDA also up 30% year-on-year to 443.62 billion roubles on the back of soaring revenues to 1334.24 billion roubles from 1126.10 billion roubles a year earlier. The company said the relative increase in revenue was largely the result of poor performance in 2009 due to the economic crisis, while strict cost optimization contributed to the growth in operating profit. The company also mentioned that deconsolidation of TransCreditBank with its assets and liabilities, including liabilities to creditors and depositors, supported liquidity and financial stability of the company.