MOSCOW, May 5 (RIA Novosti) - Transmashholding, a Russian transportation mechanical engineering giant, said Friday its net profit in the first quarter of 2006 year-on-year had risen 270% from 12.4 million rubles ($460,000) to 45.8 million rubles ($1.7 million).
The holding's 1Q06 net profit against 4Q05 fell 73% from 168.3 million rubles ($6.2 million). The company said the drop in profit was because most contracts were likely to be concluded in the second quarter.
In 2005, the holding's net profit grew 620% year on year to reach 360 million rubles ($13.2 million), with sales increasing 73% to 41.6 billion rubles ($1.53 billion).
Transmashholding also said it had signed a credit agreement with Russia's largest privately owned bank, Alfa-Bank, worth 990 million rubles ($36.4 million) for retooling the holding's enterprises.
Transmashholding unites railway engineering enterprises that produce diesel and electric locomotives, freight and passenger cars.
