“Russian Corporate Profits Jump 25%”
...on average, as “electricity and gas supply” corporate profits were up 122% (likely just because of temporarily much higher gas prices, which the corporations earn, but Russian consumers pay). War spending also ramped up transportation (rail) traffic domestically.
Manufacturing volumes are way down, but the Government has been printing rubles and sending them bailout checks, while their expenses are way down from not conducting much actual activity. Manufacturing output tells a very different story from corporate profits.
Except for oil and gas price boosts and (unproductive) war spending, the rest of actual economic activity is tanking at double digit rates.
Their official Government GDP report of a 4% contraction (no doubt itself overly optimistic, or more likely blatantly inflated) also tells a very different story, than some boom town surge of 25% growth.
I was surprised to see mining profits had fallen in half. I had thought that mining was one of the bright spots for the Russian economy. It may just be that profits were squeezed, while output continues, or it might be the withdrawal of foreign investors, along with their experts, technology and financing. Possibly foreign customers moving to new suppliers, or domestic consumers (like manufacturing) dropping off, and driving lower prices as well as less volume. Russia has a lot of mineral resources (e.g. gold and diamonds), as well as some industrial materials (like titanium) that are generally scarce.