Russia's Globaltrans reports 7 pct fall in H1 net profit
MOSCOW, Sept 3
MOSCOW, Sept 3 (Reuters) - Russian freight company Globaltrans Investment said first-half net profit fell 7 percent year-on-year as costs rose 40 percent, reflecting an increase in business following a number of acquisitions.
Globaltrans said net profit was $148 million. Revenue rose 25 percent compared with the first half of 2012 to $1.2 billion, while total cost of sales, marketing and administrative expenses rose 40 percent.
The company bought the Ferrotrans business - previously called Metalloinvesttrans - from iron ore company Metalloinvest in April 2012 in a $540 million deal. Earlier this year, it closed a $225 million deal to buy rail freight operator MMK-Trans.
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