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Hungary’s MÁV cuts back on losses

State rail firm MÁV was able to reduce its extensive losses, largely due to central subsidization, the company’s head announced.

State railways MÁV Zrt will close the year with Ft 27 billion loss (compared to 83 billion loss last year), said chair Miklós Kamarás at the meeting of economy and IT committee of the parliament. The drop in losses is due to a change in government and management philosophy. The government funded MÁV with Ft 116.7 billion in capital and Ft 184.1 billion in support and compensation. Still, the company debt is over Ft 400 billion, Kamarás concluded. (Gazdasági Rádió, Napi Gazdaság )