Railway Authority Losses LE5 Bln

The final 2014-2015 budget of the Railway Authority showed LE5 billion in losses, with LE7 billion in expenses against LE2.1 billion in revenues.

Officials attributed the losses to increasing prices of diesel fuel and rising salaries.

Assistant Transport Minister for Railways Wagdy Radwan said the increase in tickets was only for the air-conditioned trains, which are 15 percent of the fleet. “Economy class tickets were not raised,” he said.

He said the ticket increase would contribute to buying 212 new air-conditioned cars for LE2.3 billion, to start operation as early as next month, and to the electrification of the railway signals, which would cost LE5 billion.

Source: Egypt Independent