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Friday 21.09.2018 | Name days: Matīss, Modris, Mariss
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Turnover of Latvijas dzelzceļš declines 15.6%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAlthough the beginning of the year was hard for the country’s transport and logistics industry, thanks to hard work aimed at stabilizing work and efforts to save finances, Latvijas dzelzceļš and its subsidiaries managed to secure financial stability and even profits, the company reports.

In the first half of the year, the net cargo turnover of LDz was 139.7 million, which is 15.6% less when compared with the same period of 2015. This is because the main source of income for LDz comes from fees for use of railway infrastructure (68.4% of net turnover).

The company’s profits after taxes were EUR 1.58 million (EUR 9.8 million last year). The decline in profits can be explained with smaller volume of transports and the proportion of fixed costs, which does not decline proportionally to cargo transports.

LDz has managed to save money, including on administrative costs (by 16.7%) compared with the same period of 2015. Successful work performed by the Procurement Bureau has helped the concern save finances worth EUR 5.5 million.

Net turnover of LDz Cargo was EUR 203.3 million in the first nine months of 2016. This is 20% less when compared with the same period of 2015. This is directly related to the decline of cargoes carried by rail. Nevertheless, the company has managed to earn profits worth EUR 8.15 million.

The total volume of cargoes carried by the company in the first nine months of 2016 has declined by 19.6%. The same applies to the number of international passengers – the company has carried 115,136 passengers this year, which is 19% less when compared with 2015.

LDz Rolling Stock Service worked with profits worth EUR 1.4 million in the first nine months of 2016.

LDz Rolling Stock Service’s turnover was EUR 48.9 million in the first nine months of 2016, which is 23.2% less when compared with the same period of 2015. The drop in turnover was mainly caused by cuts in the wagon repair programme, fuel price decline (by 16.7%) and cuts in formation of new wheel sets.

Turnover of LDz Infrastructure was EUR 6.7 million in the first nine months of 2016, which is 56.2% less than last year. The company did work with profits worth EUR 1,000, which is significantly better when compared with the losses registered last year, LDz reports.

Ref: 102.109.109.5791


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