Swedish rail freight operator Green Cargo has halved its organic operating losses in the second quarter of 2024. Even if the company “still has a long way to go”, it credits employee commitment and external factors for the improvement. At the same time, profits after tax fell by 8 million Swedish crowns.
In the second quarter of 2024, Green Cargo made an organic operating profit of minus 59 million Swedish crowns (5,1 million euros), it says in a press release. This is an improvement of last year’s second quarterly result. During that period, the company lost double that amount at 122 million Swedish crowns. Green Cargo points out that it achieved the improvement despite restructuring costs burdening its results.
However, the company’s profit after tax did not show improvement in comparison with the second quarter of 2023. The profit was announced at negative 16 million Swedish crowns (1,39 million euros). In 2023, it amounted to minus 8 million Swedish crowns (700 thousand euros). Whereas organic operating profits improved twofold, profits after tax showed a similar result in the opposite direction.
A long way to go to reach its goals
“Higher revenues, fewer external disturbances and more stable planning conditions, together with the commitment of the employees, have improved the delivery quality and thus the profit development, even if the company still has a long way to go to reach the set goals”, the company says.
“Strengthening Green Cargo’s competitiveness through improved service level, increased efficiency and reduced cost base has the highest priority”, adds Henrik Dahlin, the company’s CEO.