bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Tuesday 23.05.2017 | Name days: Leontīne, Ligija, Lonija, Leokādija

LDz: net turnover decreases along with cargo turnover

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

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


Leave a reply

Razuks hints healthcare budget’s increase would require new fees

Sides involved in discussions about finding additional finances for healthcare have yet to reach a definite agreement. It is possible there may be a new fee introduced, said Saeima Public Health sub-committee chairman Romualds Razuks told Rīta panorama on Tuesday, 23 May.

Twelve million euros invested in creation of car wash network in Latvia

Wash & Drive opens the largest self-service car wash station in Riga. In cooperation with Citadele Bank, EUR 800,000 was invested in the creation of this seven-box car wash, as confirmed by the bank.

EC: Latvia’s tax system is less progressive than systems in other EU countries

The European Commission recommends Latvia to reduce the tax burden for small wage recipients and move it to other sources that are less impacting on growth and motivate people to pay taxes.

Latvia to lead joint air and land military exercises this year

Annual international military exercises Saber Strike will be taking place in Latvia from 3 – 15 June. Allied troops and armoured vehicles have begun arriving in Latvia for the upcoming exercises, as reported by Defence Ministry.

Tragic blast shakes Manchester, UK

In an explosion, which has occurred in a mass sports and music events venue in the British city of Manchester, 22 people have died and over 59 have suffered injuries.

Experts: Rail Baltica – connection that benefits everyone

The essence of Rail Baltica project is not combating the trends currently present in the world, but rather using them as an advantage, says advisor to the Bank of Latvia Andris Strazds. He adds that more and more economic and social development is centered in large and urban city centres.

Latvian companies ahead of neighbours in organization of business trips

Latvian businesses are more progressive in the organization of business trips than Lithuania. They do, however, spend a lot of money on planning and organizing of those trips. In addition, they also use inefficient financing methods – 20% of employees are forced to pre-finance their business trips from their own pockets, according to results of an international study.

Riga Eastern Clinical Hospital to identify patients using fingerprint data

Riga Eastern Clinical Hospital has introduced biometric data identification system that will be used to identify patients using fingerprint data, BNN was informed by the hospital.

FDC: micro-enterprise tax has created serious defects

The micro-enterprise tax has created serious defects for Latvia’s tax system, said Fiscal Discipline Council chairman Janis Platais in an interview to Latvijas Avīze.

Microsoft software licences cost Estonia millions each year

Estonian ministries and their subordinated institutions pay a total of under five million euros each year in Microsoft software licence fees.

Latvia’s unemployment rate was 9.4% in Q1 2017

In Q1 2017 the Latvian unemployment rate constituted 9.4 %. Compared to the previous quarter, the unemployment rate increased by 0.1 percentage points, whereas, compared to the same period of the year before, the rate reduced by 0.9 percentage points.

Pension expert: how far can index funds root themselves in Latvian pension plans?

Latvian pension plan clients can still pick existing pension plans with sufficiently flexible deposit policy and possibilities to receive consultations. It should be added, however, that pension plans based on index funds can find clients in Latvia for whom low-price guarantees is important the most, Nordea Pensions Latvia board member Ilya Arefjevs predicts.

Latvian Defence Ministry plans the largest tendering process in country’s history

This summer, Latvian Defence Ministry plans to announce the largest tendering procedure in the history of Latvia’s army. It is planned to procure heavy vehicles to transport armoured vehicles and troops. The total amount for the next ten years may reach EUR 200 million, as reported by Nekā personīga.

Study: engaging in business improves satisfaction with life

It has been concluded that psychological aspects are far more important than financial aspects in business operations – stability, family support, exchange of experience and realization of ideas are important for emerging businessmen, as concluded in a study performed by Altum.

Following use of EU funds, demand for loans increases in municipalities

Demand for loans from the State Treasury has increased after use of EU funds became more active, said Kaspars Abolins, chief of State Treasury, in an interview.

Swiss voters decide to move away from nuclear energy

Switzerland has decided to quit nuclear power stations and opt for renewable energy, show the results of a referendum held on Sunday, May 21, where 58% voters backed phasing out nuclear power.

Child vaccination made mandatory in Italy

Reacting to lower child protection against measles, the government of Italy has decided to make vaccination against 12 illnesses mandatory for children before they start going to state schools.

Deputies to decide on prohibiting gambling in Riga’s historic centre

On Monday, 22 May, deputies will discuss the matter on sorting out Riga’s historic centre. It is stated in new territorial plans that it will be prohibited for gambling halls to be located in this area.

Week in Lithuania. Lithuania to start paying child money in 2018

Lithuanian Prime Minister Saulius Skvernelis says that the government will follow up on its plan to next year start paying a monthly benefit for each child regardless of their parents' income, but adds that the state cannot afford to pay more than 30 to 50 euros in so-called «child money».

BNN summary of the week: problems with state financial accounts Baltics to promote healthy eating

BNN offers a summary of this week’s topical news in a variety of categories: Business; Future; Decline; Truth and Growth.

Specialists: noxious smoke from the fire claims more lives than the flames

The biggest damages during a fire are caused by flames, whereas noxious smoke from the fire kills more people, as noted by firefighting specialists.

FVS uncovered illegal sheep meat product trade

Inspecting an advertisement published on Facebook, Latvian Food and Veterinary Service uncovered illegal trade of sheep meat, canned meat storage and meat product distribution organized in an office building on Selpils Street, Riga, as reported by SRS.

Municipal elections 2017: what do people say?

With municipal elections gradually coming close, BNN offers a compilation of opinions provided by experts from different industries. Short answers consist of thoughts about specific municipalities that affect respondents directly, and municipal administrations in general – what people expect from officials and what changes they expect from elections.

Sweden decides to drop Wikileaks Assange arrest warrant

Prosecutors in Sweden have made the decision to quit the investigation in the case, where the founder of classified document leaking organisation Wikileaks, Julian Assange, is charged with rape and to drop the European arrest warrant on him.

Vejonis: we have yet to assess the use of funding in healthcare

In his interview to 900 seconds, Latvian President Raimonds Vejonis said the level of competent use of funding in the country’s healthcare sector has yet to be properly assessed.