OREANDA-NEWS. August 06, 2008. The holding company Latvijas Dzelzcels has worked with a record high – 28.29 million lats – profit in 2007 and reached a 262.5 million lats net turnover, reported the press-centre of Latvijas Dzelzcels.

The holding company’s profit grew tenfold in comparison with the year 2006 and the net turnover – by 28.6%. The Latvijas Dzelzcels preserved its leader positions in the transport market of the Baltic States’ railways by taking up 41% of it. 

The volume of the goods carried in 2007 has increased in comparison with the year 2006 – there were 52.2 million tonnes freight transported (48.7 million tonnes in 2006). Of the total cargo volume of 52.2 million tonnes, 44.1 million tonnes are transit cargo carriages. The biggest collaboration partner is still the Russian Federation. The container transport has increased essentially as well – if in 2006, 32,657 TEU were carried, then in 2007 – 55,334 TEU.

There were 27.43 million passenger conveyed in 2007, but in 2006 – 27.42 million. There have been 33 cars or seven four-car passenger electric trains modernized as well as a new diesel train route Liepaja-Riga-Rezekne opened with an increased comfort level.

The use of public access infrastructure by railway operators has increased; the scope of its use was 20,111 (ths train/km) in 2007, but 19,581 (ths train/km) – in 2006).

There were significant investments of 35.1 million lats put into the Latvijas Dzelzcels infrastructure maintenance and upgrading in 2007. The main sources for capital investments are LDz assets – 14.3 million lats or 40.8% of total investments. The loans of 12.7 million lats or 36% have been taken for this purpose. Funding by Cohesion Fund is 8 million lats or 22.9% of the total capital investments. In its turn, the state funding is 0.1 million lats or 0.3% of the capital investment volume.

The biggest part of the expenditure of the SJSC Latvijas Dzelzcels has been channelled to wages and social security payments (46%) as well as to fuel purchase (12%). The average employees’ pay in the holding company exceeded 540 lats a month in 2007.

The holding company paid 67,077 million lats in taxes. Social insurance compulsory payments made up 27,585 million lats, inhabitants’ income tax - 17,118 million lats, excise tax – 17,618 lats, corporate income tax was paid in an amount of 4,482 million lats.

Modernization of the East-West Corridor is the most significant project in 2008. The modernization of traction and rolling stock will go on.