The company’s operational revenues declined by 52pc to €143.6m
Operational revenues at Irish Rail more than halved to €143.6 million last year due to the Covid-19 pandemic impact.
That is according to the 2020 annual report which shows that Irish Rail recorded a pre-tax surplus of €2.47m for 2020.
This represents a 40pc drop on the pre-tax surplus of €4.16m for 2019.
However, the State-owned rail operator only recorded the 2020 surplus after its State funding increased by 64pc from €230m in 2019 to €378m last year.
The rail company’s operational revenues declined by 52pc or €153.9m from €297.38m to €143.67m.
The accounts show that Irish Rail’s income from Public Service Obligation contracts increased by 128pc from €88.7m to €202.34m while State Exchequer funding rose 23pt from €142.9m to €176.12m.
Underscoring the Covid-19 impact on the company, the number of passenger journeys last year totalled 17.9m – a 64pc drop on the record 50.1 million passenger journeys.
A note attached to the accounts states that Irish Rail is to record a loss on its commercial business this year but predicted to return to profit next year under that heading.
The note addressing the Covid-19 impact states that there will be a significant shortfall in passenger revenue in 2021 which will require additional funding from the National Transport Authority (NTA) similar to that provided in 2020.
The note states: “It is anticipated that passenger journeys will recover somewhat in 2022 with continued support required from Exchequer funding to meet revenue shortfalls.”
Irish Rail generates its revenues from a number of streams – Rosslare Europort, infrastructure, freight, third party and rail revenues.
On the Covid-19 impact, Irish Rail’s rail revenues last year declined by 58pc from €248.22m to €103.6m.
Numbers employed by Irish Rail last year increased from 4,009 to 4,135 as gross staff costs increased from €280.74m to €295.2m.
Irish Rail last year received €14.59m in the Government’s Covid-19 wage subsidy scheme.
The pay to Irish Rail CEO Jim Meade remained at the same level – €225,000.
Pay to key management personnel increased from €1.97m to €2.06m.
The numbers earning €100,000 at Irish Rail last year increased, including 14 earning over €150,000.