Kazakhstan rail firm sees profit rise in 2011

By: | at 07:00 PM | Intermodal  

Kazakhstan’s state rail company, Kazakhstan Temir Zholy, expects a rise in net profits this year of at least 5.9 percent as it transports more goods across Central Asia’s largest economy, the head of the company said.

Askar Mamin, chairman of KTZ, said he expected the company to post a net profit of at least 65 billion tenge ($441 million) in 2011, up from the 61.4 billion tenge that it has forecast for the 12 months just ended. Mamin, speaking at a Transport Ministry meeting, said preliminary data showed KTZ had increased its 2010 net profit by 42 billion tenge on 2009’s result.

KTZ increased rail delivery volumes by 8 percent last year, compared with 2009. The company last year launched a $700 million, 10-year Eurobond at a rate of 6.375 percent. (Reuters)


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