Mostotrest announces strong financial results for 2009
Open Joint Stock Company Mostotrest, a leading transport infrastructure construction and development company in Russia, today publishes its financial results in accordance with Russian Accounting Standards for the year ending 31 December 2009.
In 2009, the Company demonstrated outstanding growth across all key financial indicators. Revenue grew to RUR33.2 billion, representing an increase of 16% compared to 2008. Net profit increased 6.7 times to RUR3.37 billion, while EBITDA, calculated in accordance with the 2009 Russian Accounting Standards financials, increased 2.4 times to RUR6.08 billion, reflecting a 21% increase in productivity per employee compared to 2008.
The business has benefited from the growing pipeline of future infrastructure projects in Russia. During 2009 Mostotrest reinforced its leading position in the Russian infrastructure sector through securing its participation in some of Russia’s current landmark infrastructure projects, such as the M-4 Don motorway, the Fourth Ringroad in Moscow and other projects. Mostotrest is also currently involved in a number of projects for the 2014 Winter Olympics.
Commenting on the 2009 results, Vladimir Vlasov, general director of Open Joint Stock Company Mostotrest, highlighted that the main growth drivers in 2009 were the expansion of the Company’s portfolio of construction projects (such as major state infrastructure projects) as well as the increased profitability and productivity. Mostotrest’s 2009 results indicate that recovery is already well underway in the Russian infrastructure sector, he added.
Open Joint Stock Company Mostotrest is a leading transport infrastructure construction company and the largest bridge construction company in Russia. It operates in the development and reconstruction of automobile, railroad and city bridges and other engineering works. Mostotrest has built over 7,500 kilometers of bridges, foot bridges, tunnels and complex transport interchanges and is currently working on many of the most important new infrastructure projects in Russia, including the Sochi Winter Olympics 2014, and the Fourth Moscow ringroad.