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Pakistan Railways records 31 Billion (RS) revenue higher then expected gain
LAHORE:
After years of poor performance, Pakistan Railways (PR) has reduced its deficit to Rs27.25 billion for fiscal year 2014-15 and earned Rs31.92 billion against the target of Rs28 billion.
Projected Gain is for 38 Billion (however unannounced)
The cash-strapped railways has somehow managed to strengthen its fiscal position. “It has earned about Rs3.95 billion more than the target and managed to cut deficit by Rs5.32 billion by controlling expenses,” said Minister of Railways Khawaja Saad Rafique in a press briefing on Friday.
The reasons behind improvement in the balance sheet were better service delivery and higher number of passengers and freight trains. The number of passengers has improved significantly and over 10 million people travelled through the railways network in the past couple of years.
We know the importance of freight operation and without improving this area, we cannot steer the corporation out of the crisis. In the past two years, the number of freight trains has gone up from 182 to 2,920 annually, an increase of 1,504%,” Rafique said.
“The locomotive strength for freight operation has reached 80 compared to eight when I joined the office (in 2013).”
For the current fiscal year 2015-16, “we are setting a revenue target of Rs38 billion, despite the government’s advice, suggesting Rs32 billion,” he said. To achieve the target, Pakistan Railways is planning to step up initiatives in different areas.
The corporation’s management is conducting a survey of the railway land with the help of the urban unit of Punjab government. “Pakistan Railways is not aware of the exact area of land they own, though figures say we own 167,000 acres.”
However, Rafique added for a more accurate figure a land record management information system survey needed to be conducted.
“Pakistan Railways is likely to see a whopping addition of thousands of acres after the survey,” he said, adding except for Sindh, all other provinces were cooperating with them
Seperate Article
ISLAMABAD: The Railways Board has been informed that preparations are afoot to import 55 high-powered locomotives from the United States.
During a meeting of the board held on Thursday after a gap of 10 years, Pakistan Railways (PR) Chief Executive Officer Muhammad Javed Anwar gave a briefing on the department’s organisational structure and operation.
Talking to Dawn after the meeting, he said 55 diesel-electric locomotives of 4,500hp each were part of the 75 locomotives which the PR planned to induct into its fleet.
He said bids had been opened, adding that two of them submitted by General Motors’ Electro-Motive Division and General Electric of the United States were being technically evaluated and would be finalised by June.
About the delivery of locomotives, Mr Anwar said the first engine would be delivered 18 months after the placement of the order with the manufacturing company. He said it was expected that the first locomotive would arrive from the US by the end of 2016.
LAHORE:
After years of poor performance, Pakistan Railways (PR) has reduced its deficit to Rs27.25 billion for fiscal year 2014-15 and earned Rs31.92 billion against the target of Rs28 billion.
Projected Gain is for 38 Billion (however unannounced)
The cash-strapped railways has somehow managed to strengthen its fiscal position. “It has earned about Rs3.95 billion more than the target and managed to cut deficit by Rs5.32 billion by controlling expenses,” said Minister of Railways Khawaja Saad Rafique in a press briefing on Friday.
The reasons behind improvement in the balance sheet were better service delivery and higher number of passengers and freight trains. The number of passengers has improved significantly and over 10 million people travelled through the railways network in the past couple of years.
We know the importance of freight operation and without improving this area, we cannot steer the corporation out of the crisis. In the past two years, the number of freight trains has gone up from 182 to 2,920 annually, an increase of 1,504%,” Rafique said.
“The locomotive strength for freight operation has reached 80 compared to eight when I joined the office (in 2013).”
For the current fiscal year 2015-16, “we are setting a revenue target of Rs38 billion, despite the government’s advice, suggesting Rs32 billion,” he said. To achieve the target, Pakistan Railways is planning to step up initiatives in different areas.
The corporation’s management is conducting a survey of the railway land with the help of the urban unit of Punjab government. “Pakistan Railways is not aware of the exact area of land they own, though figures say we own 167,000 acres.”
However, Rafique added for a more accurate figure a land record management information system survey needed to be conducted.
“Pakistan Railways is likely to see a whopping addition of thousands of acres after the survey,” he said, adding except for Sindh, all other provinces were cooperating with them
Seperate Article
ISLAMABAD: The Railways Board has been informed that preparations are afoot to import 55 high-powered locomotives from the United States.
During a meeting of the board held on Thursday after a gap of 10 years, Pakistan Railways (PR) Chief Executive Officer Muhammad Javed Anwar gave a briefing on the department’s organisational structure and operation.
Talking to Dawn after the meeting, he said 55 diesel-electric locomotives of 4,500hp each were part of the 75 locomotives which the PR planned to induct into its fleet.
He said bids had been opened, adding that two of them submitted by General Motors’ Electro-Motive Division and General Electric of the United States were being technically evaluated and would be finalised by June.
About the delivery of locomotives, Mr Anwar said the first engine would be delivered 18 months after the placement of the order with the manufacturing company. He said it was expected that the first locomotive would arrive from the US by the end of 2016.
