BAKU, Azerbaijan, May 21
Tamilla Mammadova – Trend:
JSC Georgian Railway (GR) has published the financial report for 1Q2021, Trend reports via the GR.
According to the document, the company suffered a loss of 54.4 million lari ($16.2 million) in the first quarter of this year. This is 130 million lari ($38.8 million) less compared to the loss in the same period of 2020.
The railway transported a total of 3 million tons of cargo in 1Q2021, which was 0.2 million tons or 7 percent more compared to 2020. The operating income of the railway was up by 5 percent compared the same period of the previous year and amounted to 127.9 million lari ($38.2 million). However, this amount was not enough to cover the company's own expenses.
According to the financial report, exchange rate difference was the main source of the loss in 2020 and the company received a loss of 64 million lari ($19.1 million).
According to separate sources, the distribution of railway revenues is as follows:
Freight shipments - 102.7 million lari ($30.7 million), an increase of 9.4 percent over the previous year;
Logistics services - 17.7 million lari ($5.2 million), an increase of 35 percent over the previous year;
Passenger transfers - 0.7 million lari ($209,343), a decrease of 64 percent over the previous year;
Revenue from car rental - 1.2 million lari ($358,875), a decrease of 71 percent over the previous year;
According to the company’s financial performance, expenditures on the employees made up 40.5 million lari ($12.1 million), electricity and other operating costs were 10.6 million lari ($3.1 million), and depreciation was 17.4 million lari ($5.2 million).
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