Globaltrans' first half profit skyrocket 66 pct to $159 mln

Russia's largest private freight rail transportation group Globaltrans saw its first half 2011 net profit jump 66 percent year-on-year to $159.3 million to IFRS, the company said in a statement on Tuesday. Adjusted revenue grew 48 percent to $603.6 million in the first six months of this year due to an increase in the company's cargo turnover and firm tariff policy. EBITDA increased 52 percent to $258 million. Net debt fell 16 percent to $321.8 million as of June 30, while net debt/adjusted EBITDA ratio fell to 0.7. Earnings per share skyrocketed 85 percent to $0.85 in the first half of 2011, the company said. Globaltrans' freight rail turnover grew 37 percent to 57.5 billion ton-kilometers in the first half of 2011. "The Group's market share rose to 6 percent in the first half of 2011 from 5.3 percent for the whole of 2010 and 4.9 percent in the first half of 2010 as the company's position in transportation of metallurgical and coal cargo and construction materials has strengthened considerably," the company said. The Group's total fleet amounted to 49,529 units as of June 30, 2011 comparing with 50,714 units at the end of 2010.