Consolidated revenues of Georgian Railways increase

Transport Materials 28 August 2020 18:36 (UTC +04:00)
Consolidated revenues of Georgian Railways increase

BAKU, Azerbaijan, August 28

By Tamilla Mammadova – Trend:

The consolidated revenues of JSC Georgian Railway (GR) increased by 6.4 percent to 245 million lari ($80.07 million) from January through June 2020, Trend reports via the GR's financial indicators of the first half of 2020.

The report said the railway expenses have further increased, so the company ended the first quarter of the year with a loss of 31.4 million lari ($10.2 million).

Georgian Railway transported 5.5 million cargo from January through June 2020, which was 0.4 million tons or 7.8 percent more compared to the same period of 2019.

Like in the first half of 2020, the first half of 2019 was unprofitable for the company, during which the losses amounted to 41.4 million lari ($13.5 million).

According to the financial report, a significant source of cost growth in 2020 was the loss gained from the exchange rate difference. During the period, the company received a loss of 85.1 million lari ($27.8 million) due to the exchange rate difference.


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