Estonian Railways Profits and Turnover Down ({{commentsTotal}})

Source: (Postimees/Scanpix)

State-owned railway administrator Estonian Railways reported its annual profits were a third smaller compared to 2012, with turnover also decreasing.

Ahti Asmann, the head of the company, said the reasons for the downturn lie in the ever-decreasing cargo volumes, and the company has had to cut costs, including laying off staff. The company earned 11 million euros in profit last year, down by 5 million.

On a positive note, the number of fatal accidents on railroads decreased by half, to six dead and four injured. Asmann added that those figures could increase this year as there are more passenger trains than previously.

Cargo volumes dropped by 20 percent from February 2013 to February this year, with the transport of oil products, which makes up more than half of all cargo volumes, decreasing by 30 percent during the same period. Transport of containers increased by 20 percent.