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MÁV Trakció expects to break even in 2009

MÁV Trakció, the traction unit of state-owned railway company MÁV, expects to break even in 2009 based on results from January-November, CEO Imre Márkus said on Thursday.

Full-year revenue is expected to reach HUF 92 billion, under the HUF 95 billion target because of the economic crisis, Márkus said. Costs were adjusted for the drop in revenue, he added, noting they continued developments despite the crisis.

Around half of cost cuts came savings on fuel, partly due to more efficient engines, partly to a drop in activities. Orders were down around 32% in the goods freight segment and fell 3%-6% in the personal transport segment, the CEO said. They also cut staff through early pension schemes and saved on introducing flexible employment schemes. (MTI-ECONEWS)