Pakistan Railway incurred Rs 48bln losses in FY2022-23

ISLAMABAD: Pakistan Railway (PR) incurred losses of Rs 48.195 billion in the fiscal year 2022-23, ARY News reported on Wednesday.

According to a report, the loss of over Rs 48.195 billion is 2.04% higher than the previous year.

The report mentioned that the railway administration has failed to reduce the losses despite the efforts. The operational cost of the railway was Rs 111.914 billion, resulting in a loss of Rs 48.196 billion.

Despite the federal government providing a subsidy of Rs 47.5 billion to reduce the losses, the railway still incurred significant losses. The report also stated that an interest of Rs 5.9 billion on overdrafts was not accounted for in the railway’s accounts.

It is important to note here, Pakistan Railways reached a record high in revenue, with the organization reporting earnings of Rs 88 billion at the end of the financial year 2023-24.

READ: Pakistan Railways reaches record revenue during FY 2023-24

During the last year, the revenue of Pakistan Railways increased to more than Rs 88 billion, up from the previous Rs 63 billion, marking a 40 percent increase in revenue compared to the last financial year.

Such revenue has never been recorded in the history of Pakistan Railways.

Initially, the government set a revenue target of Rs 73 billion for the department at the beginning of the financial year.

from ARY NEWS https://ift.tt/x8BFgCt