Latvijas dzelzceļam (Latvian Railways, LDz) has reported good financial results for 2014. The company registered a EUR 224.9 million turnover (EUR 218 million in 2013) and EUR 10.7 million profit (EUR 79.8 million in 2013 – mainly derived from the revaluation and transfer of the freight car rolling stock to the subsidiary LDz Cargo Ltd., which was a one-off transaction and is not linked to cash flow).
“Considering the complex geopolitical and economic situation, as well as growing competition between transport routes, last year’s figures represent a very high achievement,” commented LDz President Ugis Magonis.
Last year, LDz continued its investments in developing the railway infrastructure. LDz opened the second rail track in section Skrīveri-Krustpils within the largest project to date, worth more than EUR 100 million, which enables a considerable increase in throughput capacity, traffic speed and safety in the direction from Krustpils to Riga.
The company maintained its leading position in the Baltic states rail freight market, with 57.04 million tons carried in 2014.