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Hungary's MÁV Cargo to be privatized in May-June

Hungarian rail freight company MÁV Cargo is to be privatized in May or June, reports the financial daily Napigazdaság, citing CEO Tamás Kozák.

By some estimates, MÁV Cargo has assets worth Ft 70-80 billion (€280-320 million), including 13,000 train carriages. Last year, when the company was spun off from state railway company MÁV, MÁV Cargo shipped 47 million tons of freight, 6% up on the previous year. The company saw revenues of Ft 93.1 billion last year, up from Ft 86.5 billion in 2005. Net profit was Ft 2.8 billion compared to a loss in the previous year of Ft 5.6 billion. The company holds 82-83% of the Hungary's rail freight market. (Napi Gazdaság, google.com)