Cargo Slovakia expects EUR 102.8mn loss in 2010.

By bne IntelliNews January 3, 2011
The state-run railway freight company Cargo Slovakia announced the revised economic result for 2010 and its business plan for 2011, news agency SITA reported. The company will close 2010 with a loss of EUR 102.8mn or 18.8% y/y improvement of the economic result. However, the loss will exceed the originally projected EUR 99.4mn. The improvement on yearly terms of the financial result reflected the 11.5% y/y increase of operating revenues to EUR 379.5mn, outperforming the plan by 4.3%. Operating costs also increased, but at a slower 4.1% y/y rate, amounting to EUR 387.1mn. The volume of transported freight expanded by 14.2% y/y to 38.6mn tons. The financial result is projected to further improve in 2011 to a loss of EUR 55.5mn mainly on account of expenditures optimisation. Costs are projected to decline by 23.7% y/y to EUR 298.3mn. Operating revenues will inch up by 1% y/y and the company expects a positive operating profit of EUR 85.2mn as of end-2011. Earlier in Dec it was announced that Cargo will lay off about 20% of its workers in 2011 but details on the timing were not revealed.
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