EVR Cargo not to finish year with profit as hoped

EVR Cargo is Estonia's state-owned cargo rail operator.
EVR Cargo is Estonia's state-owned cargo rail operator. Source: (Postimees/Scanpix)

While Estonian state-owned rail cargo operator EVR Cargo had estimated this spring that it would finish the year with a profit, the company now says that this will not be the case after all.

The cargo operator's October and November net profit totaled €719,000. Due to low goods volumes during the previous three quarters as well as a delayed decision to rent out railcars, a loss can be expected as a result of the whole year, EVR Cargo said.

"This year, we made a significant investment into new rolling stock, which will support the railcar rental field in the future as well," EVR Cargo CEO Raul Toomsalu said. "We hoped to post a positive business result this year already, but the volume of cargo carried decreased, and, due to various circumstances, the renting out of our railcars was also unfortunately delayed by several months."

EVR Cargo in March expected to post a €500,000 profit this year. "Even though the first months of the year have caused a loss for EVR Cargo, the company should reach a profit of more than half a million euros overall for this year," Toomas Tõniste, then chairman of the supervisory board of EVR Cargo, told BNS in March. "We have known already that we will be making a loss in the first half a year and a profit later."

Editor: Aili Vahtla

Source: BNS

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