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Public Joint-Stock Company Ukrzaliznytsia (Ukrainian Railways) received UAH 122.5 million, or US$ 4.7 million, in net profit in January-June 2017 (H1) against UAH 3.8 billion, or $147 million, in net loss year-over-year (y-o-y), according to the International Financial Reporting Standards (IFRS).
"The company's revenues rose by 17.6%, or UAH 5.6 billion, [over the period under review] to UAH 35.3 billion, while expenses grew by 4.7%, or UAH 1.7 billion. As a result, consolidated net profit totaled UAH 122.5 million, which was UAH 3.9 billion up y-o-y," Ukrzaliznytsia CEO Wojciech Balczun wrote on Facebook.
He also noted that capital investment in the first half of 2017 increased by 180% y-o-y, to UAH 3.4 billion, or $131 million.
"Modernization of fixed assets amounted to UAH 1 billion, capital construction totaled UAH 1 billion, purchase of fixed assets to UAH 750 million, and overhaul costs to UAH 400 million," he added.
Balczun also said that freight turnover in the first half of 2017 increased by 6.1%, to 94.9 billion tonne-kilometers (tkm), including 7.5% rise in transit traffic, to 732 million tkm and a 6.9% increase in passenger traffic, to 13.8 billion passenger-kilometers.
Read alsoUkrzaliznytsia posts US$4 mln in net profit in H1 – CEO BalczunThe company's operating fleet of railcars grew by an average of 11.6% a day, or 13,600 units, while the total fleet of locomotives in June 2017 rose by 3.8%, or 68 units, which all together allowed an increase in the average daily load by 13.3%, or 1,358 railcars.
As UNIAN reported earlier, Balczun on July 5 reported that Ukrzaliznytsia received UAH 103.1 million, or $4 million, in net profit in H1 2017 against UAH 3.8 billion, or US$148 million, in net loss y-o-y.
The updated net profit figure for H1 2017 was given under the IFRS.
Earlier, Ukrzaliznytsia said it planned to receive over UAH 15 million, or $579,151, in net profit by the end of 2017, due to the transition from Ukrainian accounting standards to the IFRS.