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Russian Railways Trebles RAS Net Profit to $3.5 Bln in 2007

May 2008.

Rail monopoly Russian Railways said on Thursday its net profit calculated to Russian Accounting Standards (RAS) trebled year-on-year to 84.5 billion rubles ($3.5 billion) in 2007.

The company's revenue reached 975.6 billion rubles ($41 billion) last year, up 15% against 2006, RIA Novosti reports.

Russian Railways posted a 1.5% year-on-year net profit decline to 19.7 billion rubles ($826 million) in the first quarter of 2008.

The monopoly expects its revenue to exceed 1 trillion rubles ($42 billion) in 2008.

TransTeleCom, a 100%-owned subsidiary of Russian Railways, posted a 17% increase in consolidated net profit calculated to International Financial Reporting Standards (IFRS) year-on-year to 2.5 billion rubles ($106.5 million) last year

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