After two years of implementing the restructuring program, HŽ Putnički prijevoz d.o.o., the Croatian the state-owned railway passenger operator carried out a capital increase of 278 million kuna (approx. EUR 37 million). In addition, a second recapitalization in the amount of 250 million kuna is expected. The share capital of the company currently stands at 75.6 million kuna.
HŽ Putnički registered a loss of 312 million kuna in 2013, mainly due to rising maintenance costs, high energy cost, provisions for severance payments etc. For this year the company foresees a loss of approximately 17 million kuna, while for 2015 positive financial results are expected.
The company’s director Drazen Ratkovic stated that HZ Passenger Transport company is preparing for the liberalisation of the Croatian market in 2019. The company plans to buy 44 new trains and develop a new system of ticket sales.
According to the HŽ Restructuring programme, HŽ Putnički is set to by 2016 raise the passengers number by 22 %, with the revenue boost by 23 %, while lowering the state aid level in revenues under 45%. Another objective is is to raise the financial productivity by 20 % also. This is to be reached by cutting expenses by rationalising and modernising the rolling stock, decreasing of number of employees by 500 and enhancing and developing new services especially in the urban/suburban domain.