Page 103 - bne IntelliNews Country Report: Russia Dec17

November 10. The company is looking into combining this stake with that of Blagosostoyaniye Pension Fund, and thus selling up to 90% of the company's shares.
Russian shipping company Sovkomflot posted a $6.8mn net loss in January–September against a $218.1mn net profit in the same period of 2016, according to IFRS accounts the company said on November 17. Revenue rose 2% on the year to $1.060bn in the period. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 26% to $408.3 mn.
Russian Railways plans to double the salary of its employees in 2018 and starting on March 1, increase wages by an average of 2.2%, "and further on the results of the company's work will be decided on additional indexation from October 1," reported monopoly. The salary will be increased for the employees of the parent company, indexation is one of the terms of the collective agreement, the representative of Russian Railways explained. The wages of Russian Railways employees in 2017 were also twice indexed: in March - by 1.5% and in October - by 2.5%. Following the results of 10 months the average monthly salary grew by 7.7% to 50,200 rubles. Since May 1, the staff has been withdrawn from the incomplete work schedule.
9.2.12 Other sector corporate news
Russia's steel pipe major TMK Group reported 3% quarter-on-quarter and 39% year-on-year gain in revenue in the third quarter of 2017 to $1.14bn under IFRS , the company said on November 17. Previously the analysts expected TMK's financials to improve in July-September on the back of its strong operating performance and the top line growth in the third quarter was close to consensus expectations. The revenue growth was supported by "the acceleration of LDP [large diameter pipe] demand by Gazprom and the enhanced drilling by Rosneft domestically plus a further recovery in US volumes," VTB Capital commented on November 17. Ebitda in the reporting quarter grew 26% q/q to $169mn beating the expectation by 8%, with Gazprombank attributing outperforming Ebitda to cost control.
Alexei Mordashov, the main owner of steel major Severstal , bought a company that owns two chains of clinics , AVA-Peter and Scandinavia, Severstal's holding company announced on November 27. The chains Scandinavia and AVA-Peter took 4t h place among Russia's largest private clinic and reported a total revenue of RUB3.6bn ($61.6mn) in 2015.
103 RUSSIA Country Report December 2017 www.intellinews.com