Russia’s rail monopoly, Russian Railways, said on Wednesday its U.S. GAAP net profit fell by 29 percent year on year in the first half of 2011, to 67 billion rubles ($2.2 billion).
The company’s revenues grew by 9 percent to 691 billion rubles while EBITDA went down by 20 percent to 165 billion rubles in the half year.
The company said its revenue growth was attributable to larger freight carriage, which increased by 8 percent in the reporting period.
The company’s operating expenses rose 20 percent in the reporting period to 644 billion rubles and net debt to EBITDA ratio was up to 0.72 from 0.58.
