Makedonske Zeleznice Public Company Struggles with EUR10m in Debt  | Beta Briefing

Makedonske Zeleznice Public Company Struggles with EUR10m in Debt 

Source: Beta/Vesti
SEE Business / North Macedonia | 29.09.20 | access_time 07:21

Macedonian Railways

The Makedonske Zeleznice – Infrastruktura public company owes EUR9.7m, stemming from foreign currency loans, while the government has already decided to look for a creditor for EUR426m to build a rail connection between Kicevo and Struga, the Macedonian Vesti website has reported. 

The company, which maintains rail infrastructure, reported two weeks ago in an annual report, revenues of MKD874 with a 26% drop from 2018, while most of the money came from rentals and the state budget, which provided MKD553m. 

The company lost MKD340m in 2019 or about the same amount as a year earlier, while as much as MKD510m in expenditures was listed as amortization. 

A total of MKD438.4m in gross wages was disbursed to 900 employees. 

The company owes EUR32.58m in obligations, stemming from foreign currency loans, of which EUR9.7m has matured. 

The company’s indebtedness went up 34.86% in just a year as a result of foreign currency loans.
 

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