The losses generated by the Bulgarian State Railways BDZ in the first quarter of 2011 declined substantially, BDZ executives announced.

The company, which is notorious for its passenger services and low efficiency, reminds that in 2010 it reduced its annual loss by BGN 17 M; i.e. it ended 2010 with a loss of BGN 47 M compared with a loss of BGN 64 M in 2009.

The upward trend of reducing losses is said to be continuing in 2011 as in the first quarter the losses of BDZ declined by BGN 7 M year-on-year.

"With the execution of the planned measures by 2014 the companies of the BDZ Holding will have become profitable," Vladimir Vladimirov, head of the Board of Directors of the BDZ Holding, said.