Freight transportation revenues up in Georgia
Baku, Azerbaijan, October 9
By Tamilla Mammadova – Trend:
Georgian Railway LLC’s (GR) freight transportation revenue, traditionally the most important revenue category, was up for the first time in the last four years, Trend reports via Galt & Taggart.
Revenue stood at $85.1 million up 5.7 percent year-on-year. Freight transportation revenue, up 15.4 percent year-on-year to $54.1 million, had the largest positive impact on the overall revenue growth in 1H2019.
Freight handling revenue also increased 10.1 percent year-on-year to $ 11.1 million, while logistic service revenue dropped 35.8 percent year-on-year to $8.5 million.
Passenger traffic revenue, mostly generated in lari, also continued growing, up 9.2 percent year-on-year to $4.2 million (+19.8 percent year-on-year in lari). Other revenue was up 26.5 percent year-on-year to $2.1 million driven by sale of scrap.
The operating expenses for 1H2019, which are mostly lari-denominated, declined 14.8 percent year-on-year to $65.2 million. This was mostly caused by significant drop in asset-base (PPE) and related reduction in depreciation expenses (down 36.4 percent year-on-year to $15.3 million).