Czech Railways first-quarter profit up 200%.

By bne IntelliNews May 26, 2011
State-owned railway operator Ceske Drahy (CD) raised its net profit by 200% y/y to CZK 6mn (EUR 244,000) in the first quarter of 2011, as it cut staff costs to offset higher prices of diesel, electricity and fees, CTK newswire reported. The company raised its energy costs by CZK 41mn and railway fees increased by CZK 54mn. CD allocated CZK 98mn on train cars' repair and maintenance. The companys operating profit (EBITDA) reached CZK 502mn. Earlier in May, CD said it plans to issue EUR 300mn in bonds on the foreign markets to finance fleet renewal and existing loans. We remind that international rating agency Moodys has recently assigned a provisional (P) Baa1 rating on CD with a negative outlook.

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