Georgian Railway’s Incomes Grow, Losses Halve

Georgian Railway’s incomes have grown and losses have halved. The company’s management has published the 1H21 financial indicators. Namely, in January-June 2021, Georgian Railway’s incomes amounted to GEL 277.6 million, up GEL 32 million compared to 1H20.

Incomes from operations recorded a 28% upturn and exceeded GEL 93.2 million, while net losses in the reporting period halved to $32 million from $66 million. Structure of Incomes in January-June 2021: Cargo transportation – GEL 217.55 million, up 10.6% Logistics servicers – GEL 34.3 million, up 18.5% Border tax for rail cars– GEL 5.15 million, down 26.4% Rental of rail cars – GEL 2.4 million, down 58.7% Passenger transportation – GEL 3.89 million, down 24.6% Other servicers – GEL 14.3 million, up 725%.

Notably, the cargo transportation volumes in January-June 2021 constituted 6 million tons, up 500,000 tons compared to the same period of 2020. Overall, railway transit via the Georgian corridor in the reporting period made up 3.5 million tons, up 19% year on year. Besides international transit, in `1H21, domestic freight and cargo transportation grew by 21%.