The recession year for South Caucasus Railways CJSC will not end with large losses, said company's General Director Shevket Shaydulin at the Dec. 24 press conference. Through technological reforms the losses incurred within year were as forecasted, he emphasized.

“This year our we carried out anti-crisis measures and resource savings. Financial losses made about RUB 255m,” Shaydulin informed, adding that the investments stipulated by concession agreement were realized by 94%. “In 2009, overall RUB 1.254bn investments were made against 1.172 bn planned,” director outlined, specifying that RUB 1bn 26m were spent for inftrastructure development, whereas RUB 227m – for equipment," Shaydulin stated.

According to him, within last two years SCR made total investments of RUB 2bn 393m to Armenian railways liased on concession basis. Incomplete implementation of 2008 investment program will be compensated next year, as the mentioned sum makes 128% of the estimated amount and 100% of 3-years' investments.

S.T.