Posted: 5 months ago

Loss of Mountain Resorts Company of Georgia in 2018

Mountain Resorts Company of Georgia published auditing report of 2018. According to the document, during the year, the expense of the company exceeded an income, and as a result, the company finished the year with 16,460,080 GEL loss. 

Mountain Resorts Company of Georgia is one of the largest companies owned by the state. Its consolidated asset price amounts 367,293,444 GEL. Among them are ski road and rope railway infrastructures of Georgian mountain resorts.

The general income of the company consists of the railways operating surplus situated in Gudauri, Bakuriani, Goderdzi, Hatsvali, and Tetnuldi.

According to auditing report, company incomes are divided in following:

The income from tickets selling - 11,304,380

The income from the advertising lease - 461,724

Other income - 683,587

Total income - 12,449,691

The general cost of the company involves depreciation and amortization, which amounted 12,937,522 GEL, the labor cost was 7,229,485 GEL in 2018.

As a result, the total loss of the company amounted 16.5 million GEL.

The general duty of the company is to develope railway infrastructure, which implies building cable equipments, operating and maintaining them.

In this field, they implemented infrastructural projects, which follows:

• In 2015, the company installed 2 railways on Kokhta.

• In 2016, they built 3 railways on Mitarbi.

• During the years 2016-2017, 4 railways were built and then maintained by the company on the resort Tetnuldi. They also installed 3 railways in Gudauri.

• In 2017, they finished building process of Mestia-Hatsvali railway, and implemented projects of installing 2 railways in Goderdzi and 5 - in Svaneti: Etseri, Ushkhvanari, Mazeri, Ushguli and Lentekhi.

• In 2018, they replaced 2 old railways with new ones in Gudauri and also, reconstructed the third railway.

In 2013, within the framework of ongoing working processes in mountain resorts, they periodically clean ski roads from rocks, covering the territories of Gudauri and Bakuriani with grass. During the winter season, they are marking ski roads. During the years of 2014-2016, every ski road of resort Gudauri, Bakuriani, Goderdzi, Hatsvali, and Tetnuldi was prepared, enlarged and equipped by informational marks.

Aiming the enlarging process of ski roads and extending winter season, the team inculcated on Gudauri and Didveli the artificial snowmaking systems, which were installed here in 2015. The second phase of snowmaking and projecting water reservoir already is finished, which building processes began in 2018. During 2015-2016, they created new ski areal of Kokhta-Mitarbi, installed electric lightning on Didveli for the night skiing. In 2017, the company created ski road connecting Kokhta and Mitarbi.

In the winter season of 2017-2018, 345,997 guests visited Gudauri. The fixed number of them implies that the amount of visitors was increased in 1 year by 25%. According to Bakuriani data set of 2017-2018, amount of guests was increased by 15%. 

In Svaneti, in the resort of Tetnuldi, visitors in total amounted to 19,839 and in Hatsvali - 53,704.

In the Mountainous Adjara, Goderdzi was visited by 4,491 guests, which is increased by 5% compared to past years.