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EVR Cargo sustains EUR 1.8 mln loss in 2015

The Estonian state owned rail cargo operator EVR Cargo finished the year 2015 with a loss of 1.8 million euros as a result of reduced cargo volumes, compared with a profit of 2.15 million euros earned in 2014, informs LETA/BNS.

Revenue of EVR Cargo dropped 12.6% year over year to 64.6 million euros. Cargoes handled by the company during the year totaled 11.6 million tons, which is 26.6% less than in 2014. Volumes declined in all segments, the operator said in the annual report.

The leading category of goods last year was fertilizers, which grew 11.2% year over year to 3.7 million tons.

Next came liquid mineral fuels with 3.7 million tons, marking a reduction of 42%. Shipment of oil shale fell 37% to 1.68 million tons, shipment of chemical goods declined 15% to 1.1 million tons and shipment of bulk cargoes plummeted 47% to 376,000 tons.

In addition to the overall decline in volumes the result was affected by a case of derailing in Sverdlovsk, Russia, as a result of which EVR Cargo had to reexamine 1,115 rail cars repaired at its maintenance facility at Tapa. The need to reexamine the cars caused the company additional costs in the amount of 1.1 million euros.

The biggest investments for the company last year were the maintenance for 2.3 million euros of the new wash and paint unit at Tapa, which is scheduled to open this summer.

In addition EVR Cargo carried out capital overhaul on 271 rail cars for 1.1 million euros.

The company estimates that its freight volumes this year will decline by 6% to 10.9 million tons.

The number of employees of EVR Cargo declined by 104 during the year to 735 and wage costs totaled 9.8 million euros. The reduction in workforce numbers was a result of decreased cargo volumes and greater efficiency of operations, the company said.

(Source: http://www.baltic-course.com/eng/transport/?doc=121733)


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