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PKP Cargo SA w restrukturyzacjiPKP Cargo with net loss reduced to PLN 48.6 mln in Q1; restructuring plan to be submitted in June
Listed rail hauler PKP Cargo posted a net loss of PLN 48.6 million (EUR 11.44 mln) in the first quarter of 2025, against a PLN 118.1 million (EUR 27.8 mln) net loss in the prior year period, the group said in a press release. Revenue from contracts with customers amounted to PLN 928 million (EUR 218.36 mln) versus PLN 1.18 billion (EUR 277.65 mln) a year ago. PKP Cargo is continuing its restructuring efforts, with plans to file a restructuring plan in June.
In the first quarter of 2025, PKP Cargo's EBITDA profit amounted to PLN 74.8 million (EUR 17.6 mln), down from PLN 122.4 million (EUR 28.8 mln) in the prior year period. The loss on operating activities fell to PLN 20.4 million (EUR 4.8 mln) against a loss of PLN 96.8 million (EUR 22.8 mln) in the first quarter of 2024.
The company said that the results for the first three months of this year show the effects of the restructuring measures carried out in 2024.
Employee benefit costs decreased from PLN 521 million (EUR 122.6 mln) in the prior year period to almost PLN 410 million (EUR 96.5 mln) in the first quarter of 2025.
"The first quarter of this year was a period in which we continued our restructuring activities, and, thanks to the protection guaranteed by the remedial proceedings, we stabilised the situation in the company," said the CEO of PKP Cargo in restructuring Agnieszka Wasilewska-Semail, quoted in the press release.
"We are intensively developing new transport corridors, expanding our resources to develop the Baltic-Adriatic corridor, as well as our presence on the routes to Hamburg and Rotterdam. We are preparing a central hub project that will make the north-south and east-west corridors more efficient," she added.
JSW said that the restructuring plan is scheduled to be submitted in June this year. As part of its preparation, the group is working to improve operational efficiency by reorganising and automating operational processes and maintaining cost discipline.
"One of our main objectives is to stop the process of market loss. We are assessing and reviewing the profitability of the contracts in progress, but at the same time, we want to maintain or increase the scale of operations," said CFO Michal Lotoszynski, quoted in the press release.
The size of the transport performed, and the territorial coverage should allow us to achieve positive efficiency parameters in the future, which are very difficult to achieve for smaller-scale entities," he added.
pel/ ao/