Business News

Rail Operator Posts EUR 4.8m Net Loss in First Nine Months

Ljubljana, 21 November (STA) - Railway operator Slovenske železnice posted EUR 28.5m in earnings before interest, depreciation, taxes and amortization (EBIDTA) in the first nine months of 2012. The operating loss stood at EUR 1.5m and net loss was EUR 4.8m, the company's supervisory board said on Wednesday.

The company transported 12.15 million tonnes of cargo in the same period, generating a total of some 2.7 billion net tonne kilometres. Slovenske železnice also transported 11.3 million passengers, generating a total of 550.7 million passenger kilometres.

The indebted rail operator is continuing cost-cutting activities, reducing the number of employees by 185 in the first nine months. Severance costs in the period amounted to EUR 1.975m.

In line with a revised business plan adopted in September, the operator plans to incur a year-end loss of EUR 3.62m. The plan earmarks EUR 5.56m for costs of restructuring, without which the company's result would have been positive, the company said at the time.

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