BUSINESS IN SHORT

Cargo reports €12.7 million loss

THE LOSSES of the state-run railway freight carrier Cargo are increasing. The company ended the first half of the year with a €12.7 million loss, which is €15.9 million more than in the first half of 2012. On the other hand, the loss is €6.2 million less than what was predicted, the SITA newswire reported on August 7.

THE LOSSES of the state-run railway freight carrier Cargo are increasing. The company ended the first half of the year with a €12.7 million loss, which is €15.9 million more than in the first half of 2012. On the other hand, the loss is €6.2 million less than what was predicted, the SITA newswire reported on August 7.

“A better economic result in the first half of 2013, compared to the [original] plan, was achieved thanks to higher revenues and a better balance of financial operations,” said Cargo spokesperson Martin Halanda, as quoted by SITA.

The company did not publish the information about total revenues and costs for the first six months of 2013.

Representatives of Cargo predict that it will end this year in the red, close to €23.957 million reported in the end of last year, according to SITA.

During the first half of the year, Cargo transported 17.7 million tons of goods, which is 0.6 percent less than last year. The company did not publish information about the nature of the goods, SITA reported.

The number of people employed by the freight carrier stood at 6,444 at the beginning of July, which is 378 fewer than in 2012. Last year 1,317 people were dismissed, of which 1,261 left due to organisational changes, SITA wrote.

Cargo was established in 2005 when ŽSR split and created two independent companies. The basic capital of the freight carrier stands at €401.646 million, as reported by SITA.

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