Increased travel volumes in 2nd tertial 2024
The positive travel development is influenced by high activity in the holiday and leisure market this summer. The number of train and bus journeys in Norway increased by 2.7 and 8.6 percent respectively in the first eight months of the year, compared to last year. This has led to a positive development in revenue and profitability.
The operating result ended at NOK 357 million per second tertial, which is NOK 47 million better than the same period last year.Profit after tax per 2nd tertial is -21 MNOK, a reduction of 112 MNOK from last year.
Punctuality in the Norwegian railway business ending at 86 percent, well below the target of 91 percent.
– A harsh winter with icing damaged the trains and reduced capacity, and the maintenance backlog has still not been caught up. Unfortunately, this has led us to run single sets on some departures that should have been run with double sets, and more crowding on rush hour trains than we would have liked, says Vys CEO Gro Bakstad.
– The bus business is also negatively affected by demanding winter and driving conditions, but both operations and profitability improved significantly in the summer months, says Bakstad.
Vy delivers tourism products in the form of public transport-based round trips with fjord, mountain, and cultural experiences to Norwegian customers, tourists, and international tour operators.Also here, we see a significant growth in demand this season.
Open rail lines increase freight volumes
An extra cold winter and closed rail lines resulted in reduced volumes and increased costs for CargoNet this winter and spring. The reopening of the Randklev bridge in Gudbrandsdalen on May 20 improvedour offerings this summer.
– Long periods of closed rail lines unfortunately meant that much of the freight was transported by trucks. Now, there is hard work being done to get old and new customers back fully, says Bakstad.
For CargoNet, the main goal is to recreate profitability through stable production, increased volumes, and cost reductions, in addition to better and more predictable framework conditions for freight on rail.
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