Rail group Transcontainer said Monday that its first-quarter net profit fell 7.5 percent in annual terms due to a weak pricing environment and reduced demand for container transportation in Russia.
The company said in a statement, however, that the worst period for the year was behind it and that it expected its 2013 profitability level to be in line with that seen in .
Last year, the company's profit rose 34 percent to 5.2 billion rubles ($164.4 million).
Net earnings in the first quarter fell to 1.1 billion rubles ($34.8 million), while revenue inched up by 0.3 percent to 8.6 billion rubles.
The company, which amounts for nearly half of Russia's container transportation, saw its rail transportation volumes decrease 1.3 percent during that time.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
