Consolidated turnover for the passenger rail company Pasazieru vilciens (Passenger Train) reached LVL 47.44 million in 2009, according to information from the Register of Enterprises provided by the firm Lursoft. That is 3.2% less than in 2008, when the concern had a turnover of LVL 48.99 million.
Consolidated losses for Pasazieru vilciens after taxes and before minority interest reached LVL 438.118 in 2009. In 2008, the concern earned a profit of LVL 1 million, writes LETA.
The concern's leading company had a turnover of LVL 47.68 million last year, 2.9% lower than the turnover of LVL 49.11 million recorded in 2009. The losses of the parent company reached LVL 414.251 last year. However, the parent company posted LVL 1.125 million in profit in 2008.
The joint stock company Pasazieru vilciens was founded on November 2, 2001 according to the restructuring program of the state stock company Latvijas dzelzcels ("Latvian Rail"). Pasazieru vilciens was established instead of the former structural units of Latvijas dzelzcels (LDz) – Elektrovilciens and Dizelvilciens and thus became the first subsidiary of LDz.
At the moment, Pasazieru vilciens is an independent state-owned company. On October 2, 2008, the Ministry of Transport on behalf of the State of Latvia and Latvijas dzelzcels signed a Purchase Contract that indicates that Pasazieru vilciens becomes a state-owned company.
Pasazieru vilciens is the only domestic railway passenger carrier in Latvia. Currently, Pasazieru vilciens passengers are carried on 10 routes, from which four are electric train routes (Riga-Aizkraukle, Riga-Jelgava, Riga-Skulte, Riga-Tukums) and six – diesel train routes (Riga-Daugavpils, Riga-Gulbene, Riga-Krustpils, Riga-Sigulda-Cesis-Valmiera-Valga (Estonia), Riga-Rezekne-Zilupe, and Riga-Liepaja).
source: Baltic Course
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