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AO Kazakhstan Temir Zholy National Co. said profit shrank 5.3 percent last year as the central Asian country’s railroad monopoly raised capital spending.
Net income fell to 116.7 billion tenge ($773 million), down from 123.2 billion tenge in 2011 when profit doubled from the previous year, the Astana-based company said in a statement on its website. The state-run rail operator boosted capital expenditure by 30 percent to 499.5 billion tenge last year from 2011, according to the statement.
The company projects profit will reach at least 125 billion tenge this year, Interfax cited Chief Executive Officer Askar Mamin as telling Prime Minister Serik Akhmetov today.
Akhmetov said the process of converting the state-run port of Aktau into a joint-stock company should be completed this year, transferring control to Temir Zholy’s management, according to the rail operator’s statement.
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