Hungarian state railway company MÁV on right track?

State-owned railway company MÁV is “on the right track” with its transformation, it has increased passenger numbers and revenues as well, the company’s CEO appointed in August told daily Magyar Hírlap on Monday.

The number of passengers using MÁV’s domestic services went up to 139 million last year from 135.5 million in 2015,

Robert Homolya told the paper.

The company’s debt is expected to drop to 40 billion forints (EUR 123m) by the end of this year from 51 billion at the beginning of 2018, he said.

Annual revenue generated on ticket sales is expected to total about 38 billion forints (EUR 116m),

Homolya added.

MÁV’s main objectives include increasing customer satisfaction with services and attracting more workforce.

It also aims to adjust its operation to a business model that ensures profitability.

As we wrote on July, the European Commission will invest 193 million euros from the Cohesion Fund in the reconstruction and modernisation of the 123 kilometer railway line between Székesfehérvár and Keszthely around Lake Balaton in western Hungary.

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Photo: Daily News Hungary – Alpár Kató

Source: MTI/Magyar Hírlap