In 2018, a total loss of state companies in Georgia equaled a record high amount of 805 million GEL, out of which the highest loss was sustained by Georgian Railway LLC, with its 716 million GEL.
As per the financial statement publicized by Georgian Railway LLC, in 2017-2018, losses sustained by the company exceeded 1 billion GEL.
Reportedly, the main cause of this colossal loss was devaluation of the railway assets: in 2017, the railway assets cost 2,86 billion GEL, whereas in 2018, they cost 2,26 billion GEL only. As the railway authorities say, if turnover increases in the future, the value of assets may be reconsidered.
Bela Gelashvili
News Author