Financial Services, Latvia, Legislation, Railways, Transport
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Friday, 26.04.2024, 17:34
Latvian Railroad not to pay dividends from 2016 profit
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The Cabinet of Ministers decided that Latvijas
Dzelzcels will not have to pay dividends from its net profit for 2016,
while the Transport Ministry as the shareholder had been ordered to ensure that
the company’s net profit is spent on implementation on public railway
infrastructure projects.
Latvijas Dzelzcels president Edvins Berzins told
the press after the government meeting that even though the sum that the
railway does not have to pay in dividends is just a small contribution to the
infrastructure projects, still it is a significant support signal from the
government.
In his words, this would improve the position of Latvijas Dzelzcels in talks with banks.
Also, he said that the main task of Latvijas
Dzelzcels is not to make profit, but work for the development of the
transit sector and national economy.
Latvijas Dzelzcels last year generated EUR 192.572 million in sales and earned EUR 880,998 in
profit.
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