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Mostotrest posts 1H 2011 net profit of 1.6 billion roubles

Mostotrest posts 1H 2011 net profit of 1.6 billion roubles
Russian transport infrastructure builder Mostotrest has posted a 1H 2011 net profit of 1,6 billion roubles under IFRS.

The net result is up 86% year on year, on the back of a 16% year on year increase in 1H revenues to 36.4 billion.The company also noted its backlog of orders had increased by 5% since the start of the year to reach 247.8 billion at the end of 1H, with Mostotrest highlighting it had been awarded 3 of the 5 largest transport infrastructure tenders held over the half.

General Director Vladimir Vlasov said the results reflected a strong company performance against a slow sector backdrop, with the company anticipating a strong long term outlook for Russian transport infrastructure projects.

Mostotrest in 1H 2011 produced a resilient performance, achieving further growth and successfully broadening its business competencies to reflect the latest market trends. We further consolidated our leadership in our sector, emerging as the winner in three out of the five largest tenders held in Russia in 1H 2011. In addition, we became the first ever contractor to undertake the full-cycle project envisioning not only road construction but also maintenance and rehabilitation – a new area of expertise for Mostotrest. Anticipating development of the toll road sector in Russia, we entered the new segments of toll road operation and implementation of intelligent transportation systems (ITS) through a joint venture with the Kapsch Group of Austria, an international leader in the development and supply of electronic toll collection systems.”