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International Internet Magazine. Baltic States news & analytics Monday, 27.05.2019, 04:35

Estonian railway infrastructure company made EUR 8.6 mln profit in 2018

BC, Tallinn, 14.05.2019.Print version
The Estonian railway infrastructure company Estonian Railways finished 2018 with a net profit of 8.6 mln euros, compared with a loss of 7.6 mln euros posted by the company for 2017, informed LETA/BNS.

Sales revenue grew 26.1% from 32.9 mln euros in 2017 to 41.5 mln euros last year, it appears from the annual report.

 

Earnings before interest, taxes, depreciation, and amortization totaled 29.3 mln euros in 2018, 46% more than in 2017. Unlike in previous years, the company posted both operating profit and net profit for 2018, which among other things can be attributed to an increase in government grants awarded for the successful achievement of performance goals. Leaving aside grants, the loss of the company almost halved. The company's financial outturn was almost 20 % better than in 2017.

 

The company's equity stood at 150.1 mln euros and assets at 334.1 mln euros as at year-end. The respective indicators at the end of 2017 were 141.5 mln and 304.2 mln euros.

 

During the 12 months, 13.54 mln tons of freight was transported on the infrastructure of Estonian Railways, 9.1% more than in 2017. 99% of the freight was carried by the state-owned rail cargo operator Operail AS.

 

With 5.38 mln tons, 22% more than in 2017, fertilizers continued to be the top category of goods carried.

 

Transit shipments totaled 9.13 mln tons in 2018, 20.2% more than the year before. Local shipments declined 14.4 % on year to 2.77 mln tons.

 

Diesel and electric trains carried 6.4 mln passengers on the infrastructure of Estonian Railways during the year, 3.8 % more than in 2017. Passengers carried by the sole international train, plying the Tallinn-St. Petersburg-Moscow route, numbered 107,100, 1.7% more than the year before. 

 

Investments in fixed material assets and in the acquisition of fixed material assets totaled over 26 mln euros last year and about 14 mln euros in 2017. Investments this year are budgeted to hit 38 mln euros.

 

As regards dividend, the government that is the 100 % owner of Estonian Railways has said in its expectations concerning the railway infrastructure company that considering the company's financial projection, it is not possible for it to pay a dividend at least until 2024.

 

Estonian Railways employed 758 people at the end of 2018. The company operates 1,229 kilometers of railway, 61 railway stations and 129 passenger platforms across Estonia. 






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