MOSCOW, August 29. /TASS/. The net profit of Globaltrans under the International Financial Reporting Standards (IFRS) soared by 70% year on year to 20.9 bln rubles ($217.8 mln), the railway shipping group said.

Revenues of Globaltrans had an uptick by 7% in the reporting period and climbed to 52 bln rubles ($542.2 mln). Adjusted EBITDA lost 6% annually and stood at 25.4 bln rubles ($264.7 mln). Dividend payments remain suspended due to technical constraints in view of money transfer to the Cyprus-registered holding company.

Globaltrans has launched the process of redomiciliation from Cyprus to the Abu Dhabi Global Market (ADGM), the company informed. The process will take about six months.

This step is expected "to unblock the ability to carry out certain intra-group transactions, including the upstreaming of dividends, which are currently allowed only to a very limited extent. It will not however directly trigger restoration of dividend payments to shareholders," Globaltrans added.