BAKU, Azerbaijan, June 22
By Tamilla Mammadova – Trend:
Turnover of Georgian Railways company increased by 8.5 percent in 5 months of 2021 compared to the same period of 2020, Trend reports via Georgian media.
"The drop of profits that has been going on for the last three years, has stopped," said general director of Georgian Railways Davit Peradze.
As he said, cargo turnover has increased this year compared to 2020.
“Cargo turnover is grown by 9 percent in 2019, which hit a record high in the last years. Such growth has not been observed in the region. The company had a growth of 6 percent in the first two months amid the COVID-19 pandemic, while the increase of 2 percent was observed late in the year," he said.
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).
---
Follow the author on Twitter: @Mila6197935
