Iryo is expected to make a €79m loss in 2023, an extension of the €25m ‘red figures’ it recorded in the previous yearIn 2022, it was only operating in the last weeks of the year, compared to the whole of 2023. The latest annual accounts, provided by Infoempresa and deposited in the Trade Registry, consulted by Europa Press, show a total revenue of 212 million euros, as opposed to 4.8 million the previous year. The operating result was also negative, at 67 million euros, after carrying 6 million passengers on its trains in 2023, with an average occupancy rate of 65.7% (percentage of seats occupied on the train).
With him, The company is 45% owned by Italian public operator Trenitalia, 31% by AirNostrum and 24% by Globalvia.Although its demand share is limited to 24%, it has concentrated 27% of the high-speed rail supply in Spain (compared to Renfe and Ouigo). Iryo’s parent company, Intermodalidad de Levante, reports in its income statement that 51% of its costs are made up of fees paid to Adif for the use of infrastructure, while 10% is for electricity. Likewise, at the end of the year, the workforce increased from 169 employees to a total of 522.
Iryo is currently in the process of starting its operations, and since it initially faced a large investment that would be amortized over the years, it assures that the losses experienced last year were in line with expectations. In this sense, in April, its shareholders approved an increase of 44.7 million euros. This is in addition to the additional contribution of €34.2 million agreed in June to compensate for losses..
Likewise, shareholders have officially declared their intention to provide all kinds of financial support to the company in order to ensure its continuity in fulfilling its payment commitments with third parties. A few weeks ago, Ouigo presented results showing a loss of 42.7 million euros and revenue of 139 million euros4.6 million passengers are carried on its double-decker trains.
Source: Informacion
James Sean is a writer for “Social Bites”. He covers a wide range of topics, bringing the latest news and developments to his readers. With a keen sense of what’s important and a passion for writing, James delivers unique and insightful articles that keep his readers informed and engaged.