London-listed TransContainer, Russia’s leading rail cargo firm, saw its IFRS first-half 2012 net profit almost double year-on-year to 2.744 billion rubles ($88 million), the company said on Thursday.
Analysts expected the rail cargo operator to post a net profit of just 2 billion rubles in the first six months of the year.
The company’s revenues increased by 27.3 percent to 17.57 billion rubles and operating income grew by 67.7 percent to 3.758 billion rubles.
TransContainer’s EBITDA grew by 54.1 percent to 5.311 billion rubles.
The company’s total assets stood at 44.55 billion rubles as of June 30, 2012.
“An increase in both scale and profitability of the business of JSC TransContainer resulted mainly from the company’s effective cost management and sales efforts amid continuing growth of the container transportation market,” the company said in a statement.
TransContainer’s largest shareholder is rail monopoly Russian Railways with 50 percent plus one share. Transportation Group FESCO holds 23.7 percent and the European Bank for Reconstruction and Development 9.25 percent.