Thursday, November 23, 2017

Aeroexpress participants decide on 2011 dividends

Aeroexpress LLC participants decided to set aside approximately $9.06 million, or 40 percent of net profits, for 2011 dividends at the company's annual meeting.

In 2011, the company generated net profit equal to approximately $22.66 million using Russian Accounting Standards, Interfax reports.

During the meeting, participants in the company also voted to set aside approximately $286,584 for annual remuneration of the board of directors and $9,267 for additional remuneration for audit committee members. The participants decided not to allocate the remaining $13.3 million.

Aeroexpress is a joint venture between TransGroup AC structures, OJSC Russian Railways, and entrepreneurs Andre Bokarev and Iskander Makhmudov. OJSC Russian Railways owns 50 percent of the operator's charter capital, while TransGroup AC owns 25 percent and the entrepreneurs own a joint stake of 25 percent, according to Interfax.

Aeroexpress transports passengers via railway from Sochi and Moscow to local airports and develops suburban railway shipments. In 2011, the company transported 14.04 million people, 12.356 million of which were transported to airports in Moscow.

In July, Russian Railways launched its second Aeroexpress service to provide a 34 kilometer rail trip between local airports and Vladivostok. Trains run every two hours and will start hourly service in September with a 48 minute trip time, Rail.co reports.

The connection between Sochi airport and Moscow was created in February.