Russian rail firm Transcontainer said profit increased seven-fold in the first half of the year to 1.4 billion roubles ($44.5 million), while forecasting medium-to-long term growth.

The company, which controls over half of Russia's rail container transport market, said revenue in the period was also up 38.8 percent at 13.8 billion roubles.

"The Russian container transportation market retains the potential for further growth ... driven by economic growth and consumer demand," the group said in a statement.

The health of rail companies is often used as a barometer for the economy as a whole as they transport the metals and resources that are its lifeblood.

London-listed shares in Transcontainer were down 4.7 percent by 1223 GMT on a bleak day for global stock markets, although at $10 they remain above their initial public offering (IPO) price of $8 each.

The company was floated by state-owned monopoly Russian Railways in 2010 as part of a long term fund-raising plan. (Reuters)