Uzbekistan Railways allocates most of profits to pay off loans
Baku, Azerbaijan, Sept. 10
By Fakhri Vakilov - Trend:
Uzbekistan Railways allocated 90 percent of the profit received in 2018 to pay off loans, capital investments and implement investment projects, Trend reports citing the Uzbekistan Railways.
According to the company, this figure amounted to 765.4 billion soums. Of these, 42.5 billion soums or 5 percent were directed to the reserve fund and the same amount to dividends with the direction to cover expenses incurred for the entire period for the implementation of investment projects and repayment of loan obligations.
The net profit of Uzbekistan Railways JSC at the end of 2018 amounted to 850.4 billion soums, the report said.
According to the company, in 2018 Uzbekistan Railways JSC implemented 50 investment projects and mastered $527.32 million with a forecast of $506.55 million (104 percent), including due to:
- company's own funds - $251.4 million.
- funds of the State budget - $61.64 million;
- loans from commercial banks - $17.41 million;
- funds of the Fund for Reconstruction and Development - $40.23 million;
- foreign investment guaranteed by the government - $126.86 million;
- foreign direct investment - $29.78 million.
Last year, 515 freight cars were built, overhaul and repair of 29 sections of locomotives was carried out, 3254 freight cars were modernized, and 186 km of track were rehabilitated. The construction of the Urgench-Khiva railway line has been completed, the Karshi-Kitab railway line has been electrified, a new factory for the repair of excavators and tracked vehicles has been built, the Turakurgan Mechanical Plant has been modernized, and the reconstruction of Tashkent-Yuzhny station has been completed.
In 2019, the railway company intends to absorb $512 million, of which $187.6 million from its own funds, $69 million from the state budget, $107.6 million from the Fund for Reconstruction and Development of Uzbekistan, $72,9 million from foreign investments and loans guaranteed by the government, $45 million of foreign direct investment and $30 million of loans from commercial banks.
Among the major projects of this year is the second line of the Yunusabad metro, where $32.5 million will be mastered this year.
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