Economy
Posted: 2 months ago

Georgian Railway Losses in January-June Marked 85.6 million GEL

The company incomes from crude oil transportation have declined by 90%. Georgian railway incomes in January-June 2019 marked 230.2 million GEL, up 15.9% year on year.

GEL exchange rate makes serious impact on the company financial indicators, because the majority of tariffs are denominated in USD. At the same time, the Georgian Railway debts are party denominated in USD.

The company losses in the reporting period made up 85.6 million GEL as a result of GEL exchange rate depreciation.

Net financial losses constituted 102.7 million GEL, while the company net financial incomes made up 59.9 million GEL in the same period of 2018.

The main part of Georgia railway incomes traditionally comes from cargo shipping. Namely, the company collected 146.1 million GEL incomes in this way. The year on year growth marked 26.6%.

Incomes from passenger transportation rose by 19.8% to 11.3 million GEL.

Oil products represent main products of cargo transportation with 59.1 million GEL incomes and 31.2% annual growth.

This year the company has not transported crude oil in practice. Incomes from this direction declined by annual 90% to 222 000 GEL.

As to dry cargo, incomes from cereals transportation declined by 51.2% to 2.3 million GEL, down from 4.8 million GEL of the same period of 2018.

Major growth was recorded in incomes from sugar transportation (+90.6%). Georgian Railway incomes from sugar transportation made up 9.5 million GEL.

Georgian Railway incomes in 2012-2018:

2012- 469.8 million GEL; incomes from cargo transportation – 350 million GEL

2013 – 481.7 million GEL; incomes from cargo transportation – 364 million GEL;

2014 – 511.5 million GEL; incomes from cargo transportation – 382.7 million GEL

2015 – 574.7 million GEL; incomes from cargo transportation – 440 million GEL;

2016 – 439.9 million GEL; incomes from cargo transportation – 292.6 million GEL;

2017 – 434.5 million GEL; incomes from cargo transportation – 312.9 million GEL

2018 – 424.6 million GEL; incomes from cargo transportation – 292.6 million GEL.