December 29 (SeeNews) - Croatian state-owned cargo railway company HZ Cargo said on Friday that it boosted its revenue and profitability in the first nine months of this year as it prepares to seek a strategic partner.
In the first nine months of 2023, HZ Cargo’s total revenue rose by 14% on the year to 65.5 million euro ($73 million), while its EBITDA increased by 3.2 million euro reaching 5.9 million euro, it said in a statement to SeeNews.
Despite a drop in the overall domestic cargo market of 9.7% in terms of tonnes and 11.6% in terms of net tonne kilometres (NTKM), HZ Cargo maintained its market share of 39% by tonnes and 53% by NTKM between January and September, it added.
"The achieved good financial results and a (recently signed) appendix to the collective labour agreement with the trade unions, provide competitiveness and stability to the company’s business, and therefore have created positive preconditions to seek a strategic partner next year," the company said.
Earlier this year, the Croatian government decided to launch a procedure to seek a strategic partner for HZ Cargo. An attempt to find a strategic partner for the company failed in 2015 due to some unsolved legal issues concerning its ownership.
($ = 0.903 euro)