MOSCOW, June 17 Russian rail group
Transcontainer said on Monday that its
first-quarter net profit fell by 7.5 percent in annual terms due
to a weak pricing environment and reduced demand for container
transportation in Russia.
The company said in a statement, however, that the worst
period for the year is behind it and that it expects its 2013
profitability level to be in line with that seen in 2012.
Last year, the company's profit rose by 34 percent to 5.2
billion roubles ($164.4 million).
Net earnings in the first quarter fell to 1.1 billion
roubles ($34.8 million), while revenue inched up by 0.3 percent
to 8.6 billion roubles.
The company, which amounts for nearly half of Russia's
container transportation, saw its rail transportation volumes
decrease by 1.3 percent during that time.
"The weaker demand for rail cargo transportation (and)
higher levels of competition in the container segment put
operator tariffs under pressure in the first quarter of 2013 and
the pricing environment has not been restored yet"
Transcontainer said in a statement.