Railways surpasses target by Rs 2.5 billion: Rs 24 billion revenue earned in Fiscal Year 2014

Pakistan Railways (PR) earned the revenue of over Rs 24 billion in the financial year 2013-14 against Rs 18 billion during the same period of previous year 2012-13, by putting in operation more locomotives and freight trains, it is learnt.
The PR has also surpassed the revenue target of Rs 21.5 billion set by the government for financial year (2013-14) by over Rs 2.5 billion, a senior official of the Railway Ministry revealed to Business Recorder. The Railways earned Rs 18 billion in the last financial year while the government set Rs 21.6 billion for 2013-14, however the Railways set a target of Rs 24 billion to be earned in this period. Further the PR earned Rs 16.8 billion in financial year 2013-14 from passengers against Rs 14 billion during the same period of last year and earned about Rs 4 billion from freight services against Rs 1.8 billion the year before, and Rs 3.5 billion from sundries against Rs 1.7 billion in the same period of the last fiscal year.
Officials attributed the increase in Railways revenue to the increase in the number of locomotives, freight trains and trains' punctuality. When the incumbent government came into power in 2013, there were 465 locomotives of which 120 were in operational condition, however now 200 locomotives are operational including 23 new locomotives procured from a Chinese-led consortium.
Freight trains were the main source of income and the government is focusing on increasing the number of freight trains, official said, adding that earlier one freight train was operating on daily basis; however the number has now gone up to four per day and soon five freight trains will be operating daily. Earlier, 3-4 locomotives were available for freight services but now the number has increased to 25. Official further said that after June 2013, train punctuality had been enhanced by 40-50 per cent, which was a big achievement and accounts for higher business.
The government had set losses target for the PR at Rs 33.5 billion for 2013-14 against Rs 29 billion for the same period of last year, however due to improving conditions, it is expected that the Railways losses would be capped at less than the previous year, officials added. Earlier, 230 passenger trains mostly on political basis were operating, causing huge losses to the national exchequer but the government has capped its number to 100 which resulted in decreasing financial losses of the Railways, sources maintained.