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Economy Ministry talks main reasons for surge in Georgian Railway's expenditures

Transport Materials 19 January 2021 17:43
Economy Ministry talks main reasons for surge in Georgian Railway's expenditures

BAKU, Azerbaijan, Jan. 19

By Tamilla Mammadova – Trend:

Georgian Railways shipments have not descreased despite crisis, as the country's Georgian Railways served the same volume of cargo in 11 months, as in 2019, Trend reports via the Ministry of Economy.

The volume of shipped cargo amounted to 9.8 million tons.

As for the financial results for the first 9 months of 2020, revenues from the rail services amounted to 363.5 million lari ($110.5 million), down by 0.7 million lari ($212,847) year on year.

At the same time, the company suffered losses in the amount of 118 million lari ($35.8 million) from January through September 2020.

According to the report of the Georgian Railways, the exchange rate difference was a major source of expenditure growth in 2020. The company suffered losses worth 188.9 million lari ($57.4 million) due to the exchange rate difference during the period.

According to the company’s financial performance, expenditures on staff salaries amounted to 122.7 million lari ($37.3 million), electricity and other operating costs were 29.9 million lari ($9.09 million), and depreciation costs were 59.7 million lari ($18.1 million).

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