ADVERTISEMENT

MÁV group revenue slightly down last year

Telco

Pixabay

State-owned railway company MÁV had consolidated sales revenue of HUF 132 billion last year, down from HUF 138 bln in 2015, as income from rail cargo haulage decreased, the company said today, according to Hungarian news agency MTI.

Pre-tax profit was HUF 14 bln in 2016 compared to HUF 40 bln in 2015, CFO Erzsébet Szikszay Badonfai said.

The companyʼs debt decreased from HUF 99 bln to HUF 66 bln by the end of last year.

MÁV Zrt. had HUF 151 bln revenue and MÁV-Start, the passenger unit of the group, HUF 99 bln.

Chairman-CEO Ilona Dávid noted that MÁV group acquired two subsidiaries in 2016, one managing the upgrade of the Belgrade-Budapest railway and one responsible for the transfer of the capitalʼs HÉV suburban railway to MÁV.

Vice-CEO László Pál said out of the 98 HÉV passenger cars the company "inherited" 23 will need to be replaced and the rest refurbished. MÁV will spend HUF 1.7 bln at HÉV this year on upgrading tracks and improving its vehicle fleet.

MÁV had 36,000 employees last year and 137.9 million passengers used its services, 2.3 million more than the year before. There were 58 million passengers in Budapest and its suburbs.

ADVERTISEMENT

IMF raises Hungary 2021 GDP growth forecast to 7.6% Analysis

IMF raises Hungary 2021 GDP growth forecast to 7.6%

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.