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Ceturtdiena 30.03.2017 | Name days: Nanija, Ilgmārs, Igmārs

LDz: net turnover decreases along with cargo turnover

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULast year, LDz Logistics, becoming a subsidiary of LDz, managed to accomplish one of its ambitious goals – organize a test train from China to Riga, putting this logistical route on the world map, says LDz representative.

Last year, because of cargo turnover decline, net turnover of LDz was EUR 192.6 million, which is EUR 25.2 million or 11.6% less than 2015. Nevertheless, the company worked with profits of EUR 0.9 million, according to LDz’s unaudited financial data for last year.

The company’s capital investment volume was EUR 27.1 million last year. «Using this money, the company has performed repairs of railway lines and procurement of equipment for rail and rolling stock repairs. The company has also performed data transfer network expansion in objects in Riga and Daugavpils, VoIP system expansion in Riga and WI-FI system expansion and other important development work,» LDz representative said.

Profit index decline in comparison with 2015 (EUR 2.1 million) was affected by the different method used to compile the report – this was the first time LDz prepared a financial report in accordance with EU International Financial Reporting Standards.

LDz reports: «Although the largest portion of expenses is associated with infrastructure maintenance and restoration, the company managed to reduce administrative costs by 18%. In addition, it should be said that cargo transport decline was equal to 14.1% for the company’s infrastructure. Profit decline was 11% in comparison with 2015.»

LDz Cargo worked with profits of nearly EUR 4 million after taxes, which is EUR 1.1 million more than there was in 2015. LDz Cargo net turnover was EUR 275.5 million last year (17.2% less than 2015).

«It is important for the company to maintain and enhance current positions in bulk and liquid bulk cargo transports and focus on attraction of new cargoes from new markets – including China,» LDz representative said.

LDz Rolling Stock Service’s net turnover was EUR 64.48 million in 2016, which is EUR 14.8 million or 17.8% less when compared with 2015. Profits after taxes were equal to EUR 255,000.

The company’s capital was EUR 41 million at the time of 31 December 2016.

LDz reports that the amount of railway line repair work had declined last year – capital repairs were performed along 23 km of railway lines (47 km in 2015), repairs were performed along 31 km (46 km in 2015) and replacements of 25 rail switches were carried out.

Ref: 225.109.109.2415


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