Report: MÁV debt decreases on state takeover

Telco

kormany.hu/ágnes bartolf

During a press conference on Friday announcing EU funding awarded for railway developments, János Fónagy, Minister of State of the Ministry of National Development, also spoke of Hungarian railway company MÁVʼs debt situation, according to government website, kormany.hu.

János Fónagy speaking at the press conference. (Photo: kormany.hu/Ágnes Bartolf)

The state minister noted that despite MÁVʼs credit portfolio amounting to HUF 27 bln in 2002, by 2010 it had reached HUF 300 bln. Since the Hungarian stateʼs takeover of debts worth HUF 108 bln, the companyʼs debt decreased to HUF 152 bln at the end of last year, and is expected to fall to HUF 70 bln by the end of this year, according to kormany.hu.

Highlighting the developments of the past five years, the state minister mentioned that in that period there had been no strikes and wages had increased by 12%. Within that same period, the membership of the MÁV groups had consolidated from 45 to 24, all while under the leadership of CEO Ibolya Dávid.

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

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.