April 4 (SeeNews) - Croatian state-owned cargo railway company HZ Cargo said on Thursday that it achieved a net profit of 2.02 million euro ($2.2 million) in 2023, its first positive financial result since the full liberalisation of the market in 2013.
Earnings before interest, tax, depreciation and amortisation (EBITDA) last year reached 8.13 million euro, an annual increase of 58%, the company said in a press release.
Operating revenue amounted to 60.67 million euro last year. Its total operating costs fell 12% on the year to 52.54 million euro. In 2023, the company experienced a 16% increase in costs per employee compared to 2022.
Despite a 7.0% decrease in the overall domestic freight cargo market in terms of tonnes and an 11% decrease in net tonne kilometres (NTKM) due to increased rail closures on high-frequency routes and reduced transport on the Lika line, HZ Cargo said it managed to maintain its market share stable last year.
HZ Cargo employs more than 900 employees, while the combined number of employees of its 18 peers totals around 500.
Last year, the Croatian government decided to launch a procedure to seek a strategic partner for HZ Cargo. An attempt to find a strategic partner for the company failed in 2014.
($ = 0.921 euro)