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Hungarian Rail Cargo Company Expands into Austria
The Austrian subsidiary of the Hungarian company CER Cargo Holding has been registered, and the next step is to obtain the necessary permits. The private rail cargo company already has five foreign interests in the region, including the Austrian one,
The Austrian subsidiary of the Hungarian company CER Cargo Holding has been registered, and the next step is to obtain the necessary permits. The private rail cargo company already has five foreign interests in the region, including the Austrian one, Világgazdaság reports.
CER Cargo Holding SE has been strengthened with another foreign subsidiary, following the recent registration of its wholly-owned CER Austria Cargo GmbH. The newly established Austrian rail company will be fully on track when it has received the necessary operating licenses.
The application for the Austrian railway license will be submitted to the Austrian Ministry for Climate Action.
The company expects a positive decision by April 2025 after all application documents have been completed,
the portal writes.
This will be an important step as the company intends to operate under its own license and with its own resources between Hamburg and Istanbul/Athens as a profitable private rail group, according to a statement by LAC Holding, one of the owners of CER.
The next step will be the creation of CER Germany Cargo GmbH.
The foreign subsidiaries established so far are active in Romania, Slovakia, Croatia and Poland. As its main profile is rail cargo transport, CER offers its customers a better alternative to road and water transport.
Ottó Horváth, CEO of CER Cargo Holding, told Világgazdaság earlier this year about the company’s plans, including its expansion in Austria and Germany. He said that the most important thing for CER is the rebuilding of the Belgrade-Budapest line. This will be followed by the construction of the V0 railway ring, but also the improvement of the connecting domestic and foreign infrastructure is needed. Last year, the company had a turnover of HUF 11 billion (HUF 27.38 million, 1 EUR=401 HUF), EBITDA (earnings before interest, taxes, depreciation and amortization) of HUF 1.5 billion and a pre-tax profit of HUF 0.8 billion. All three figures are better than the base.
Via Világgazdaság, Featured image: LinkedIn/ CER Cargo Holding
The post Hungarian Rail Cargo Company Expands into Austria appeared first on Hungary Today.
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