19.Jan .2021 13:00

Georgia Railway shipments show resilience

Georgia Railway shipments show resilience
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The Ministry of Economy published statistics. According to the report, the Georgian Railway shipments are not decreased despite the crisis and the Railway served the same volume of cargo in 11 months, 2020 as in 2019. The volume of shipped cargo amounted to 9.8 million tons.

As of the financial results for the first 9 months of 2020, revenue from rail services was 0.7 million GEL down amounting to 363.5 million GEL. At the same time, the company had a loss of 118 million GEL in January-September.

According to the report of the Georgian Railway, the exchange rate difference was a major source of expenditure growth in 2020. The company received a loss of 188.9 million GEL due to the exchange rate difference during the period.

According to separate sources, the distribution of railway revenues for the 9 months is as follows:

Cargo Shipment - 285.4 million GEL, increase of 4.8% y-o-y;
Logistics services - 39.4 million GEL, increase of 1.8% y-o-y;
Passenger transportation - 10.2 million GEL, decrease of 59.4% y-o-y;
Revenues from freight car rental - 15.3 million GEL, a decrease of 21.7% y-o-y;
Other revenue - 13.2 million GEL, increase of 59% y-o-y.

According to the company’s financial performance, expenditures on staff salaries amounted to 122.7 million GEL, electricity and other operating costs were 29.9 million GEL, and depreciation costs were 59.7 million GEL.