Georgian Railway’s Financial Report Shows Revenue Growth, Net Profit Decline
The Georgian Railway reported good news and bad news in its financial report for the first nine months of 2024. The company made more money than last year, but it also lost a lot due to exchange rates.
Revenue increased by 2% to GEL 490 million. This is a good sign, as it means the company is making more money. However, net profit decreased by 26% to GEL 75.4 million. This is because of the loss due to exchange rates.
Let’s take a closer look at where the company’s money was spent:
* Employee salaries: The company paid GEL 171.7 million to its 12,000 employees.
* Depreciation and amortization: This means the company had to spend GEL 48 million on old equipment and assets that are no longer useful.
* Operating expenses (electricity, fuel): The company spent GEL 63 million on things like electricity and fuel for trains.
* Miscellaneous costs: This includes other expenses not included in the above categories. The company spent GEL 108 million on these costs.
The Georgian Railway is facing financial difficulties despite its revenue growth. The company’s debt is increasing because of rising operational expenses. To fix this, the company is looking at ways to overcome its economic challenges and get back on track.