State-owned rail freight operator EVR Cargo finished 2017 with a net loss of €1.2 million despite a profit of €1 million earned in the final quarter of the year.
EVR Cargo said that better-than-expected result of operations in the final quarter of the year significantly cut the size of the loss compared with the estimate offered in December.
"Continuously strong performance in the rail transport business and a better-than-expected result in the rent of freight cars helped the company post a current profit. The contribution of the freight car repair business was more modest, but we are working towards improving that indicator. The cash flows and balance sheet of the EVR Cargo group are strong, which enables us to invest in attractive business projects also in the future," EVR Cargo board chairman Raul Toomsalu said.
According to unaudited figures, EVR Cargo sustained a loss of roughly €1.2 million in 2017, spokespeople for the company told BNS.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled €5.4 million in 2017.
EVR Cargo is a state-owned rail cargo operator, whose core business areas are carriage of goods, repair of railway engines and freight cars, as well as renting out freight cars. The company's average number of employees in 2017 was 650.
Editor: Dario Cavegn