OREANDA-NEWS. November 21, 2011. Russian Railways completed the first three quarters of 2011 with positive financial results. According to Russian Accounting Standards (RAS), the Company’s net profit was 56.1 billion roubles, 19.5% lower than for the same period in 2010, reported the press-centre of Russian Railways.

Shipping volumes on the railways during the period rose to 921.7 million tons, up 3% on January-September 2010. The increase in shipping volumes was due, above all, to the higher volume of cargo sent by rail and the growth of industrial production in the country.

Cargo turnover increased to 2 billion ton-km (including empty wagon runs), 8.3% more than in January-September 2010.

Company revenues from operations during the first nine months of 2011 increased over the same period in 2010 by 7.8% and amounted to 962.3 billion roubles.

Revenues from freight shipments increased by 6.9% to 744.1 billion roubles, 48.1 billion roubles more than during the same period in 2010. The increase was due to the rise in shipping volumes by 3% compared to 2010, which produced additional revenue of USD 20.7 billion roubles, while an increase of 3.8% in tariff rates resulted in additional revenues of \\$27.4 billion roubles.

Revenues from passenger services amounted to over 5.2 billion roubles. In comparison to 2010, revenues from passenger traffic declined by 86% after the First Passenger Company began operations on 1 April 2010 and suburban passenger companies owned by Russian Railways took on virtually all commuter services from 1 January 2011.

During the first nine months of 2011, Russian Railways received 42.3 billion roubles from the Russian budget, including a contribution of 40 billion roubles to its registered capital for the construction of Olympic facilities, subsidies of 800m roubles to protect the railway infrastructure against acts of unlawful interference and 1.3 billion roubles as part of the state support programme to shippers and the wider population who receive social benefits via the budget of Russian Railways.

Due to structural reform, a positive result of 7 billion roubles was obtained on other revenues and expenses.

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In the first 9 months 2010, Russian Railways revenues amounted to 892.6 billion roubles and net profit to 69.7 billion roubles.