Russian Railways lose 13.74bn

18 August 2009 (10:14)

The revenues of Russian Railways Public Company (calculated in accordance with the Russian Accounting Standards) came to 483.13 billion RUR in the first half of 2009, which was 8.8% less than a year earlier. At the same time, the company’s losses amounted to 13,745,455,000 RUR.

Russian Railways report the losses were caused by the general economic meltdown that led to decreased solvent demand and people traveling less. As a result, the railway company’s passenger turnover plummeted, while the Ministry for Economic Development’s inflation forecasts came to look even gloomier than before. Finally, the fluctuating exchange rates and the soaring electricity tariffs also had their part to play in the business’s troubles.

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