Bulgaria’s state-owned railways operator Holding BDZ posted a group net profit of BGN 3.6 million (EUR 1.8 million) for the first half of 2016, reversing a net loss of BGN 13.7 million (EUR 7.07 million) in the same period last year.
Group sales revenues, which include BDZ’s freight and passenger units, fell by an annual 2.9% to BGN 87.6 million (EUR 45 million) in January-June, while its operating revenue, including state subsidies, declined 6.2% to BGN 182.8 million (EUR 95 million), the company’s interim financial report, posted on the finance ministry’s website, showed.
At the same time, group operating costs dropped by annual 12.3% to BGN 179.8 million (EUR 92 million).
BDZ’s freight unit turned to a net profit of BGN 1.3 million (EUR 665 thousands) in the first half from a net loss loss of BGN 7.3 million (EUR 3.8 million) a year earlier, as its total revenue fell 13% to BGN 52.6 million (EUR 27 million) and total costs dropped 24.4% to BGN 51.2 million (EUR 26 million).
Its passenger unit’s first-half net profit soared to BGN 8.9 million (EUR 4.5 million) from BGN 231,000 (EUR 118 thousands) in the first six months of 2015, with total revenue down 5.1% to BGN 129 million (EUR 66 million) and total costs down 11.5% to BGN 120.1 million (EUR 62 million).
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