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Russia’s President Vladimir Putin. Photo: Christer Wiik
RZD posted $700 million net loss this year
Published: Wed, 2014-11-19 16:05- Likes 1
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Financial results of the company have been criticized by Russia’s President Vladimir Putin
Russian RZD posted a net loss of almost 24 billion rubles (US$700 million) for the first nine months, according to the company’s report.
At the same time for reporting period RZD’s revenue increased by 1.4% to 1.037 trillion rubles.
In the first half of the current year total number of passengers, which used the services of RZD reached 516.3 million people (+ 0.4%, compared to the same period of last year). The company’s cargo turnover reached 599.5 million tonnes (-1%).
One of the main reasons for the decline of cargo turnover is the situation on foreign markets, including restriction of shipments to Ukraine, according to Vladimir Yakunin, president of RZD. According to his predictions, this year rail freight transportations in Russia could fall by 1.2-1.8%, compared to 2013 and will grow by about 1% in 2015.
Financial results of the company have already been criticized by Russia’s President Vladimir Putin.
Av Eugene Gerden
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