Kazakhstan’s Railway Monopoly Says Profit Advanced 45% Last Year

AO Kazakhstan Temir Zholy National Co., the state-owned railroad monopoly, said net income climbed 45 percent last year as transit shipments increased and the company sought to control costs.

Profit rose to a record $750 million, Chief Executive Officer Askar Mamin said today in the capital Astana.

“This is the biggest number we’ve ever had,” Mamin said.

Net income reached $417 million in 2010, more than tripling from 2009 as demand for cargo and travel gained amid economic expansion.

To contact the reporter on this story: Svetlana Antoncheva in Astana, Kazakhstan at santoncheva1@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

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