CP Group reduces loss in 66.7 million – TVI24

The CP Group announced today that it has reduced the losses at EUR 66.7 million last year, compared to 2013, to 159.8 million euros.

“The CP ended the year 2014 with a net profit of -159.8 million euros, 66.7 million euros better than the registered in 2013 (-226.5 million euros), “the company president Manuel Queiró in the report and the 2014 accounts, a document that has not yet been approved by the guardianship.

The result before taxes, interest, depreciation and amortization (EBITDA) recurrent “remained positive at 14.8 million euros, driven by the increase of € 10.5 million revenue,” but “when compared with 2013, this figure shows a decrease of about 7 , 2 million euros “, ie least 37.2%, refer to CP in a statement sent to the Portuguese Securities Market Commission (CMVM).

This reduction is “derived inter alia the impact of lower compensation of 16 million euros,” it said.

“In a maintenance scenario the amount of compensation awarded to the CP in 2013 (approximately EUR 34 million), EBITDA would have shown an improvement of 8.9 million euros, “the president in the document.

Last year, CP carried 109.8 million passengers, which represents an increase of 3%.

“In a serene and objective, these results are a cause for great satisfaction”, said Manuel Queiró.

Income Traffic rose 5.2% to 214.4 million euros and operating income, excluding termination, provisions, depreciation, impairments, fair value and affiliates, increased by 2.8% to 303.9 million euros.

Operating expenses rose 5.6% to 289 million euros and operating profit more than tripled (286.5%) to 36.7 million euros.

With regard to CP Carga, freight carrier, posted a net profit of 5.3 million euros, 123.2% more than in 2013.

Turnover increased by 10% to 63.9 million euros and operating income rose 184.3% to EUR 13 million.

EMEF – Rail Equipment Maintenance Company recorded a rise of 8% of turnover to 54.9 million euros.

Operating income increased 233.1% to 2.2 million euros and net profit grew 126.8% to 909,000 euros.

“The increase in activity compared to 2013 was based on the increase of 6% of the rolling stock repair and maintenance business for CP (two million euros) and 50% for CP Carga (2.5 million euros, “the company said.