BAKU, Azerbaijan, July 17
By Tamilla Mammadova – Trend:
Despite the increase in cargo turnover, in the first quarter of 2020, JSC Georgian Railway's (GR) still suffered significant losses, Trend reports with reference to the Ministry of Economy and Sustainable Development of Georgia.
During this period, 4.6 million tons of cargo were transported by rail, which is 9.5 percent more than in 2019.
According to the financial statements for the first quarter, in January-March, the company's consolidated revenues amounted to 122 million lari ($39.9 million), which is 23.7 percent more than the same period last year.
However, railroad expenses grew even more leading to the losses in the amount of 163.5 million lari ($53.5 million) in the first quarter of 2020.
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