Mostotrest posts FY 2010 net profit of 4.4 billion roubles
Russian transport infrastructure construction specialist, Mostotrest, has posted a FY 2010 adjusted net profit of 4.4 billion roubles under IFRS.
The adjusted net result is up 17.2% year on year, with EBITDA rising 10.4% year on year to 9 billion roubles, as FY 2010 revenues fell 5.2% to 74.9 billion roubles.The company noted that headline revenue was lower due to projects carried over into 2011, with bridge and road construction revenues up 15.4%, railways up 42.7% and airports up 113.5%, and highlighted 91.3 billion roubles worth of contracts it had gained.Mostotrest CEO, Vladimir Vlasov, was upbeat about the figures and highlighted the rebounding economy and a range of strategic projects which would underpin Mostotrest’s outlook. “We expect our markets to continue to grow in coming years, underwritten by both macroeconomic forecasts of growth and by large scale infrastructure projects that the authorities are committed to implementing, such as the 2014 Winter Olympic Games in Sochi, the APEC-2012 Summit in Vladivostok, and the 2013 Universiade in Kazan. In 2011 the Russian government expects to increase significantly the level of federal spending on transport infrastructure, and Moscow, Russia’s biggest city, also sees investment into construction infrastructure more than tripling over the coming year. Mostotrest’s leading market presence and its very strong finances mean that it is ideally placed to take advantage of these favourable market conditions and to grow the business further in 2011.”