LAHORE: Pakistan Railways (PR) in the first half of the financial year 2023-24, has achieved a historic increase in its revenue as the earnings surged to Rs41 billion. Pakistan Railway witnessed an earning of Rs41 billion in the first half of the financial year 2023-24 against Rs28 billion in the same period last year. Chief Executive Officer (CEO) Amir Bloch disclosed this here on Monday.
While giving the break-up of the income he said that Pakistan Railways earned 24 billion from passengers, 11.5 billion revenue from freight trains respectively and five billion from miscellaneous sectors in the first half of the fiscal year. Situation and things will get better after the launch of the MLI 1 Project as it is the lifeline of Pakistan Railways.
He further added that the timeliness of salary disbursements for railway employees has been improved, the punctuality of trains departure and arrival has been ensured, and payments will be disbursed timely. The CEO said that during current fiscal year the railway will try to further enhance its services and an expansion of travel facilities.
Last year in December, Pakistan Railways has significantly raised the Right of Way (ROW) charges for a single-track crossing to Rs3.8 million for five years which would help the department to generate more revenue.
Historically, Pakistan Railways charged Rs100,000 per track crossing for 10 years when telecom operators installed fibre broadband, the state news agency reported. In 2007, they said the charges were increased to Rs2.7 million for five years, as the use of fibre broadband expanded.
However, in 2022, the PTI-led government reduced the crossing charges to Rs600,000 per crossing for a lifetime to promote fibre broadband.
They said that in contrast, cable TV operators continue to pay only Rs100 per year. CEO said that satisfactory financial health of Pakistan Railways is the outcome of hard work; dedication and team work of its workers.
Copyright Business Recorder, 2024
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