MOSCOW – Russian Railways (RZD) boosted IFRS net profit 26% to 10.29 billion rubles in 2016, up from 8.18 billion rubles in 2015, according to the company’s earnings report.
Revenue rose to 2.133 trillion rubles from 1.99 trillion rubles. Operating costs increased to 2.094 trillion rubles from 1.915 trillion rubles.
Revenue in the freight division increased 5% to 1.323 trillion rubles and was up 13.5% in the passenger division to 218 billion rubles. Revenue from logistical services grew 14% to 351 billion rubles, including 313.8 billion rubles from the Gefco Group (up from 282.8 billion rubles in 2015).
EBITDA increased to 443.2 billion rubles from 388.5 billion rubles. Net debt declined to 861.1 billion rubles as of the end of 2016 from 899.6 billion rubles a year earlier. The net debt/EBITDA ratio dropped to 1.9 from 2.3 (RZD’s strategy calls for keeping this figure below 2.5).
