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Bulgaria's BDZ Cargo trims 9-mo net loss on revenue rise

Author Mario Tanev
Bulgaria's BDZ Cargo trims 9-mo net loss on revenue rise BDZ / All rights reserved

SOFIA (Bulgaria), November 6 (SeeNews) - Bulgaria's BDZ Cargo, part of state-owned railway group BDZ Holding, said that its net loss narrowed to 618,000 levs ($350,000/316,000 euro) in the first nine months of the year from 1.6 million levs in the same period of 2018, backed by higher revenue.

BDZ Cargo's revenue grew by an annual 14.4% to 90.3 million levs in the January-September period of 2019, the company said in an interim financial statement. 

The company transported 5.65 million tonnes of cargo in the review period, up by an annual 22%.

The rise was largely due to an increase in orders from several clients, including copper producer Aurubis Bulgaria and fertilisers maker Neochim [BUL:3NB].

In terms of type of goods transported, the increase can mainly be attributed to ores and metal waste, and chemicals. The volume of transported ores and metal waste increased by some 506,000 tonnes, while the volume of chemicals transported rose by 598,000 tonnes.

BDZ Cargo's operating expenses increased by 14.7% year-on-year to 88.7 million levs in the review period.

Personnel expenses rose to 41.1 million levs in the first nine months of the year from 38.8 million levs the year before, while expenses for materials grew to 23.3 million levs from 18.7 million levs.

BDZ Cargo also lifted its expenses for hired services, to 23.3 million levs from 18.3 million levs in the prior-year period.

(1 euro = 1.95583 levs)

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