BAKU, Azerbaijan, Nov. 16
By Tamilla Mammadova – Trend:
JSC "Georgian Railway" has published financial results for 9 months of 2020, Trend reports via Georgian media.
According to the document, from January through September, the company incurred a loss of 117.7 million lari ($35.8 million). This is almost twice as much as in the same period in 2019 - 63.9 million lari ($19.4 million).
The financial report shows that along with the growth of losses, the income of the Georgian Railways also decreased. In total, the company received 363.5 million lari ($110.7 million) from railway services, which is 0.7 million lari ($213,324) less compared to the same period in 2019.
During the same period, the Georgian Railway transported 8 million cargo, which is 0.2 million tons more than in 2019.
Foreign exchange loss was a significant source of cost growth in 2020, according to a report by the Georgian Railway. During the reporting period, the company received a loss of 188.9 million lari due to exchange rate differences.
The distribution of income from rail transport is as follows:
- Freight traffic - 285.4 million lari ($86.9 million), which is 4.8 percent more than in the previous year:
- Logistics services - 39.4 million lari ($12 million), which is 1.8 percent more than in the previous year;
- Passenger traffic - 10.2 million lari ($3.1 million), which is 59.4 percent less than in the previous year;
- Car rental revenue - 15.3 million lari ($4.6 million), which is 21.7 percent less than in the previous year;
- Other income - 13.2 million lari ($4.02 million), which is 59 percent more than in the previous year.
According to the company's financial indicators, personnel costs amounted to 122.7 million lari ($37.3 million), electricity and other operating expenses - 29.9 million lari ($9.1 million), and depreciation costs - 59.7 million lari ($18.1 million).
During 2019, the total revenue of the Georgian Railway due to the improvement in cargo turnover increased by 15.8 percent and amounted to 491 million lari ($149.6 million).
In general, the volume of transported goods increased by 8 percent and amounted to 10.8 million tons.
---
Follow the author on Twitter: @Mila61979356