Cargo, Latvia, Railways, Transport

International Internet Magazine. Baltic States news & analytics Sunday, 05.07.2020, 19:38

Turnover of Latvian Railways drops by 33.5% in Q1

BC, Riga, 29.05.2020.Print version
Latvijas Dzelzcels (Latvian Railways, LDz) national rail company turned over EUR 34.142 million in the first quarter of 2020, which is a reduction of 33.5% from the respective period a year ago, while the company's profit tripled to EUR 9.429 million, writes LETA, according to information released by LDz.

Freight shipping by railway infrastructure maintained by LDz fell 48.7% on year to 5.98 million tons in the first quarter of 2020. Coal, which made up 21% of total rail freight transported in the first quarter of the year, was down 76.7% on year, and oil and oil products accounted for another 21%, down 53.2%. 

Meanwhile, shipping of other types of rail freight increased as fodder and rapeseed cargos grew 45.6% to 679,000 tons and shipping of seeds and plant oils increased 4.6 times on year to 169,130 tons in the first quarter of 2020. 

With the popularity of rail passenger services growing, the number of rail passengers rose 2.3% against the first three months of last year to 3.75 million in the first quarter of this year. 

LDz spokeswoman Ella Petermane indicated that considering freight shipping volumes and forecasts, already at the end of 2019 the company's management started revising technological processes and costs, and also decided on gradual staff cuts. 

In the first quarter of 2019, LDz generated a profit of EUR 3.093 million on a EUR 51.218 million turnover. 

Latvijas Dzelzcels is a fully state-owned enterprise managing public railway infrastructure. It is the leading company of the LDz Group, which includes six subsidiaries.

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