Čtvrtek 28. března 2024, svátek má Soňa
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Lidovky.cz

Czech Railways back in black

  17:56

National rail operator České dráhy (ČD) returned to  profit for the first time since 2007 and plans further fleet improvements

České dráhy’s Petr Žaluda attributes increased long-distance travel to fleet modernization foto: © České dráhy Česká pozice

Rail operator České dráhy (ČD) in 2010 made a post-tax profit of Kč 9 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by Kč 500 million on the year to reach Kč 1.607 billion.

The profit is the first since 2007, when ČD — also known as Czech Railways — spun off its profitable freight division into a new company, ČD Cargo. In 2009 the rail carrier had made a Kč 1.06 billion loss.

Income from passenger transport without additional services rose by Kč 170 million to reach Kč 5.9 billion. Passenger numbers stopped their decline last year. “There was also greater interest in long-distance journeys. It is undoubtedly the result of the massive fleet modernization and improvement in service quality,” Petr Žaluda, the company’s general director, said in a press release Thursday.

The remaining income came from rolling stock rental, property rental and subsidies from the Czech Republic’s 14 regions. Spending remained at Kč 29.2 billion, the same as in 2009.

“Thanks to internal savings on overhead and personnel costs, we maintained the company’s spending at the same level as 2009, which combined with revenue growth positively influenced the overall financial performance of ČD,” Petr Žaluda, the company’s general director, said in a press release Thursday.

ČD received Kč 325 million less from the regional authorities than in the previous year. Total subsidies from the state and the regions reached Kč 12 billion.

In its 10-year contracts with the regions, ČD pledged to save Kč 1.03 billion last year, and achieved an actual savings of Kč 1.08 billion, exceeding its goal by Kč 53 million. The company covered higher diesel prices and other costs amounting to Kč 159.7 million that the regions would otherwise had to have paid, Žaluda said in the press release.

According to ČD’s business plan for 2011, the company expects to make a post-tax profit of Kč 320 million. EBITDA for 2011 is projected at Kč 3 billion.

“We will save around Kč 150 million to Kč 200 million through centralizing the purchase of materials and services, and additional savings will come from further decreases in personnel costs and the purchase of electricity … by electronic auction,” Žaluda said.

ČD reduced personnel in 2010 by around 2,000 to reach 26,000. Several hundred employees are to leave this year as well, and some 9,500 employees will be transferred to railway infrastructure administrator Správa železniční dopravní cesty (SŽDC), according to the Czech News Agency (ČTK).

ČD is planning to issue bonds to finance purchasing new rolling stock and locomotives, and plans to invest about Kč 8 billion in renewing carriages and engines this year, some Kč 2 billion more than last year, ČTK said, adding that last year ČD signed nearly Kč 10 billion in contracts for modernizing existing carriages and purchasing new trains.

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