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Bulgarian State Railways Post 20 Mln Levs (10 Mln Euro) in Jan-Sept Loss – Media

Oct 13, 2009, 3:21:39 PMArticle by Denitsa Koseva
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October 13 (SeeNews) - Bulgarian state-run railways company BDZ ended the first nine months of the year with a loss of 20 million levs ($15 million/10 million euro) and expects to double it by the end of 2009 due to decreased passenger and cargo traffic, state-run BTA news agency reported on Tuesday.

Bulgarian State Railways Post 20 Mln Levs (10 Mln Euro) in Jan-Sept Loss – Media

The company’s current debt totals 150 million levs, BTA quoted BDZ’s Executive Director, Pencho Popov, as saying. Comparative figures were unavailable.

BDZ's passenger traffic fell by 7.00%-8.00% and cargo traffic decreased by some 45%, Popov said. He added that the worsening financial results are mainly due to the financial crisis and the closure of Bulgaria’s largest steel mill Kremikovtzi, which used to generate around a quarter of BDZ's cargo traffic.

BDZ began laying off 1,330 employees on October 1 and plans to cut another 700 jobs next year, Popov said.

The railways company turned to a net loss of 9.15 million levs last year, from a 24.13 million lev profit in 2007, local daily Dnevnik (www.dnevnik.bg) reported in July.

(1 euro=1.95583 Bulgarian levs)

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