Business News

Railway Operator Posts First Monthly Profit since 2008

Ljubljana, 23 June (STA) - State-owned railway operator Slovenske zeleznice posted its first monthly profit in a year and a half in May. Operating profit stood at EUR 849,000 and net profit at EUR 281,000 on the back of strong growth in freight transport and cost-cutting measures, the company said on Wednesday.

Freight revenue increased by over a quarter over the year before to EUR 10.34m, with total revenue on the market (excluding state payments for infrastructure) amounting to EUR 16.47m, up 26.6%. Operating expenditure meanwhile dropped 3.5%.

General manager Goran Brankovic said profit was modest, but it indicated the company was headed in the right direction. He was quick to point out, however, that the figures were no reason to become complacent. "We have a lot of work ahead by the end of the year," he was quoted as saying.

The company did not provide cumulative figures for the first five months, but for the January-April period it reported a net loss of EUR 8.33m, down from almost EUR 16m in the same period last year. Operating loss in the same period fell from EUR 14.5m to EUR 4.42m.

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