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MÁV-Trakció expects to close 2009 with profit

MÁV-Trakció, the traction unit of state-owned railway company MÁV, closed last year with operating profit exceeding HUF 1.9 billion, compared to HUF 1 billion one year earlier, the company told MTI based on preliminary 2009 financial data.

MÁV-Trakció said net profit is expected at around HUF 71m in 2009 compared to a targeted break-even result.

Preliminary results show operating profit was down 27% from the target in 2009 as orders were down 24% for the traction of freight trains and down 12% for shunting of freight trains due to the crisis.

Net sales revenue also declined, totaling HUF 90.2 billion compared to a target of HUF 92.4 billion.

Last year MÁV-Trakció spent HUF 8.66 billion on investments, including HUF 6.8 billion on renovating engines, HUF 150 million on expenditures related to purchases of new engines and HUF 1.5 billion on other investments.

MÁV-Trakció said the number of its employees fell 15% to 4,254 by the end of last year. (MTI – Econews)