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Losses of JSC Georgian Railways increase

Transport Materials 18 January 2021 22:21
Losses of JSC Georgian Railways increase

BAKU, Azerbaijan, Jan. 18

By Tamilla Mammadova – Trend:

JSC Georgian Railways transported 9.8 million tons of cargo in 11 months of 2020, which corresponds to the indicator of 2019, Trend reports citing the Ministry of Economy of Georgia.

The loss of the Georgian Railway from January through September 2020 has reached 117.7 million lari ($35.7 million).

The revenue have also declined. For 9 months of 2020, the company received 363.5 million lari ($110.5 million) from railway services, which is 0.7 million less compared to the same period in 2019.

From January through September 2020, the company incurred a loss of 188.9 million lari ($57.4 million) due to exchange rate differences.

Despite some revival in mobility throughout Georgia during summer months, passenger transportation by rail dropped in 3Q2020. Passenger transportation resumed operations from June 15 (after government lockdown restrictions were lifted), nevertheless passenger revenue dropped by 65.6 percent year-on-year to $5.1 million in 3Q2020.

Overall, the revenue from passenger transportation dropped by 63.1 percent year-on-year in 9M2020. Lower revenue resulted in lower profitability for the company.

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