Bulgaria's State Railways Company Posted Losses of BGN 22 M in 2012
Bulgaria's State Railways Company (BDZ) ran up losses of BGN 22 M in 2012, according to the unaudited report of the company presented during a sitting of the public council at the Ministry of of Transport, Information Technology and Communications.
The agenda of the sitting included a discussion of the situation of BDZ, according to reports of investor.bg.
Citing the financial report, Filip Aleksiev, Financial Director of Holding BDZ, informed that the Passenger Services unit of BDZ had registered a profit of nearly BGN 3 M in 2012, while the Freight Services unit, for which a privatization procedure had been launched, had kept accumulating debts.
He made clear that the negative trend had remained in place in the first quarter of 2013, with losses of over BGN 16.5 M for the period.
Aleksiev noted that BDZ owed a total of BGN 707 M by March 31, 2013, of which BGN 487 M were debts to financial institutions.
He announced that BDZ owed its suppliers a total of BGN 145 M, BGN 111 M of them overdue debts.
The Financial Director of Holding BDZ pointed out that the main portion of the company's debts to its suppliers was owed to the National Railway Infrastructure Company (NRIC).
He said that the company's overdue debts to financial creditors amounted to BGN 154 M, the main portion of which was liabilities to the KfW bank and bondholders.
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