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Bulgaria Rail Road Industry Records Losses in First Half of 2009

Date: 05.08.2009

The Bulgarian National Railway Infrastructure Company (NRIC) recorded losses for the firs half of 2009 amounting to BGN 48 M. The company's General Director, Anton Ginev, announced Thursday that this was BGN 5 M below the business plan for the year.

The negative effects of the global economic criss have caused a 20% decrease in the incomes from infrastructural taxes.

The company considers anti-crisis measures including the closing of 12 lines, and selling non-operations assets for BGN 6 M, Ginev said.

Bulgarian State Railways EAD (BDZ) accumulated losses for BGN 22,368 M in the first half of 2009.

The debt of the company towards NRIC increased, too, and is expected to reach BGN 80 M until the end of the year.

The biggest loss is from the decrease volume of cargo - down by 80% in 2009 year-on-year.

The transportation services for the Kremikovtsi steel mill used to bring BGN 35-50 M of income to BDZ. Kremikovtsi's transportation needs no longer exist after the most of the factory's functions were terminated earlier in 2009.

According to the director of the railway company, Hristo Monov, BDZ's losses will be between BGN 20 M and BGN 38 M until the end of the year.

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