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State to give rail companies €235.9 million

The state will help rail companies Cargo Slovakia (ŽSSK Cargo) and Slovak Railways (ŽSR) to overcome financial problems connected to the impact of the global economic crisis by giving ŽSSK Cargo €166 million and ZSR €69.9 million, the Government decided on March 4.

The state will help rail companies Cargo Slovakia (ŽSSK Cargo) and Slovak Railways (ŽSR) to overcome financial problems connected to the impact of the global economic crisis by giving ŽSSK Cargo €166 million and ZSR €69.9 million, the Government decided on March 4.

This financial support will be provided by the Finance Ministry from the state’s financial assets by the end of March, in the form of returnable financial aid.

According to the Report on the Economic Situation of ŽSSK Cargo discussed by Government on February 25, the global crisis began to have a significant effect on ŽSSK Cargo as early as August 2008, and the situation deteriorated further towards the end of the year.

“Compared to the annual scheduled transport volume of 48.1 million tonnes, ŽSSK Cargo in 2008 transported only 44.5 million tonnes of goods, with more than 70 percent of the shortfall created in November and December 2008,” reads the report, drawn up by the Transport, Posts and Telecommunications Ministry. The rapid fall in cargo volumes had a direct effect on the company's financial results, the TASR wrote.

Meanwhile, freight volumes have continued to fall into 2009. According to the ministry, ŽSSK Cargo carried 2.1 million tonnes of goods in January, which was only 55 percent of the volume recorded in the same month of 2008. TASR

Compiled by Zuzana Vilikovská from press reports
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