ČD Cargo made a profit of CZK 335 m

According to ČD Cargo's press release from Wednesday, the company made a profit of CZK 335 m (1 CZK = 0.04 EUR) and its sales rose to more than CZK 9 billion in H1, writes Prague Monitor.

ČD Cargo, formerly a division of ČD, split from ČD and began operating as an independent joint-stock company last December.

The H1 results were negatively affected by the decrease of crops exports and reduced trading at the wood market as well as by the strong crown. The crown's appreciation has reduced the sales by CZK 200 m. The results were also influenced by the growth of oil and electricity prices, Prague Monitor reports.

According to preliminary results, the company transported a total of 44.6 million tonnes of goods in H1, approximately the same amount as last year, when it was still a division of ČD.

Until last December, money from the profitable cargo transport compensated losses of the passenger transport. Thanks to its spin-off, ČD Cargo now can invest more in its own development, mainly a renewal of its outdated fleet.