State-run Italian rail operator Ferrovie dello Stato will have reportedly merged its Greek rail subsidiary, Trainosse, with the recently purchased Hellenic Company for Rolling Stock Maintenance (EESSTY) by the end of the year, naftemporiki.gr reports.
Both of the Greece-based firms were previously state-owned and operated, with their privatization mandated by bailout agreements (memorandums) between the Greek state and institutional creditors.
EESSTY retains three heavy maintenance units in ports of Piraeus, Thessaloniki and Volos, as well as nine depots for storage and light maintenance around the country’s railroad network.
In a related development, EESSTY announced improved results for 2018, with revenues of (99 percent emanating from Trainose) 35.4 million euros, a 9.4-percent increase compared to 2017. Operational results, nevertheless, posted a 200,000-euro loss, which was substantially improved from 1.8 million euros in losses in 2017.
After-tax results showed marginal losses of 200,000 euros in 2018, up from 100,000 euros in losses during 2017.
Trainose, the sole bidder, acquired 100 percent of EESSTY last February by buying its shares from the Hellenic Republic Asset Development Fund (HRADF).
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