FINNISH Railways (VR) says railfreight traffic witnessed a 30% year-on-year plunge in the first half of 2009 as the global economic crisis tightened its grip on the country's industrial output. VR made a loss of Euros 15 million in the first half of the year as domestic freight fell 22.7%. Freight traffic to and from Russia, a significant market for VR, tumbled 41.4%, with a severe decline in import of products for the forestry industry.
FINNISH Railways (VR) says railfreight traffic witnessed a 30% year-on-year plunge in the first half of 2009 as the global economic crisis tightened its grip on the country's industrial output. VR made a loss of Euros 15 million in the first half of the year as domestic freight fell 22.7%. Freight traffic to and from Russia, a significant market for VR, tumbled 41.4%, with a severe decline in import of products for the forestry industry.
Despite the fall in freight volumes, VR Group still expects to make a
profit this year, although it says this will be much less than the
Euros 70 million net profit witnessed last year. VR Group made a profit
of Euros 2.8 million in the second quarter of this year.