SCR foresees breakeven earnings in 2011

PanARMENIAN.Net - South Caucasus Railways (SCR) cjsc plans breakeven earnings in 2011, SCR Director General said.

“The year 2011 will benchmark our entrance into unprecedented breakeven level of earnings. This is our task N1,” Shevket Shaydullin said during a ceremony on the occasion of Railroader’s Day.

“The company managed to fulfill goals as of the results of the last year, persisting growth of indices in 2011. Particularly, the rail freight turnover in 2011 increased by 11,7%, while shipping grew by 25,3% as against the last year,” he said, adding that SCR positioning itself as a national carrier, aimed to satisfy transportation requirements of economy and public, improve macroeconomic efficiency of railway transportation and economy of Armenia, reduce transportation burden on economy, bolster the country’s economic development.

Shaydullin underscored that the first half of 2011 marked the period of raised efficiency of the company’s business processes, boost of profitability and optimization of capacities.

The SCR head underlined that the company renders great attention to fulfilling the investment program. He said that the program was completed by 100% by the end of the last year and financing for 2011 will total AMD16 bln. and 593 mln.

“We do not consider the social policy as a money-losing mechanism but as means to develop and raise efficiency of labor capacity. I would like to remind that it is the second year we are adjusting personnel’s salary in line with growth of consumers’ prices. Over 7 months the salaries have been raised by 12% which amounts to the average of AMD144 thous.,” Shaydullin said, emphasizing significance of the company’s social policy implementation.