H1’018 net profit of STLC totaled RUB 380 million vs RUB 2.1 billion loss a year ago

State Transport Leasing Company (STLC) says its net profit calculated under Russian Accounting Standards totaled RUB 380 million in the first half of 2018 versus a loss of RUB 2.1 billion a year ago.

In the reporting period, the company’s revenues grew 1.9 times to RUB 17 billion. Gross profit doubled to RUB 9.1 billion. 

Sales profit doubled to RUB 8.5 billion, the cost of sales surged 1.8 times to RUB 7.9 billion. 

STLC capital and reserves totaled RUB 68.9 billion, up 0.4%. Long-term liabilities increased 1.5 times to RUB 270.1 billion, short-term liabilities fell by 8.3% to RUB 48.4 billion.

The State Transport Leasing Company (GTLK) is Russia’s largest player in the lease market. It leases out aircraft, vessels, rail transport, road vehicles and special equipment to domestic transport enterprises and invests in the development of Russia's transport infrastructure. The company's sole shareholder is the Russian Federation represented by the Ministry of Transport. GTLK holds double-B ratings from the world’s three leading international rating agencies and an A+(RU) national rating from ACRA. As of 31 December 2017, GTLK's IFRS assets exceeded RUB 340 billion.