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Estonian Railways suffers EUR 6.3 mln loss in 2015

The state-owned Estonian railway infrastructure company Estonian Railways (Eesti Raudtee) finished the year 2015 with a loss of 6.3 million euros, compared with a loss of 263,000 euros sustained in 2014, it appears from tentative unaudited figures supplied to the balance sheet data information system, reports LETA/BNS.

The company's revenue in 2015 totaled 48 million euros, 13% less than the year before.

The sale of goods and services generated revenue of 43.5 million euros, 12.7% less than in 2014. Subsidies amounted to 4 million euros, compared with 3.8 million euros in 2015. Revenue from the sale of fixed assets and inventories came to 328,400 euros, compared with 1.7 million euros in 2014.

Expenses, totaling 53.6 million euros, were 1.3% smaller than the year before. The biggest loss originated in the depreciation and revaluation of fixed assets, which took away 19.2 million euros.

Operating expenses totaled 16.4 million euros, of which the operating costs of realty and buildings amounted to 3 million euros and operating costs of facilities to 3.78 million euros. Expenses for the operating of vehicles totaled 6.2 million euros.

Labor costs totaled 17 million euros, of which remuneration made up 12.6 million euros. Payouts to members of the supervisory board and management board totaled 352,400 euros and payouts to managers 935,000 euros.

The financial forecast of Estonia for 2015 predicted Estonian Railways to finish the year with a loss of 9 million euros on revenues of 45.7 million euros. Its revenue in 2016 is estimated to rise to 66.3 million euros, it appears from the consolidated report of state invested companies, foundations and nonprofits for 2014.

(Source: http://www.baltic-course.com/eng/transport/?doc=117646)

04.03.2016

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